| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8218 |
| 来源ID | Working Paper 8218 |
| European Inflation Dynamics | |
| Jordi Gali; Mark Gertler; J. David Lopez-Salido | |
| 发表日期 | 2001-04-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | We provide evidence on the fit of the New Phillips Curve (NPQ for the Euro area over the period 1970-1998, and use it as a tool to compare the characteristics of European inflation dynamics with those observed in the U.S. We also analyze the factors underlying inflation inertia by examining the cyclical behavior of marginal costs, as well as that of its two main components, namely, labor productivity and real wages. Some of the findings can be summarized as follows: (a) the NPC fits Euro area data very well, possibly better than U.S. data, (b) the degree of price stickiness implied by the estimates is substantial, but in line with survey evidence and U.S. estimates, (c) inflation dynamics in the Euro area appear to have a stronger forward- looking component (i.e., less inertia) than in the U.S., (d) labor market frictions, as manifested in the behavior of the wage markup, appear to have played a key role in shaping the behavior of marginal costs and, consequently, inflation in Europe. |
| 主题 | Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w8218 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565816 |
| 推荐引用方式 GB/T 7714 | Jordi Gali,Mark Gertler,J. David Lopez-Salido. European Inflation Dynamics. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8218.pdf（3555KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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