| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11788 |
| 来源ID | Working Paper 11788 |
| Robustness of the Estimates of the Hybrid New Keynesian Phillips Curve | |
| Jordi Gali; Mark Gertler; David Lopez-Salido | |
| 发表日期 | 2005-11-21 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Galí and Gertler (1999) developed a hybrid variant of the New Keynesian Phillips curve that relates inflation to real marginal cost, expected future inflation and lagged inflation. GMM estimates of the model suggest that forward looking behavior is dominant: The coefficient on expected future inflation substantially exceeds the coefficient on lagged inflation. While the latter differs significantly from zero, it is quantitatively modest. Several authors have suggested that our results are the product of specification bias or suspect estimation methods. Here we show that these claims are incorrect, and that our results are robust to a variety of estimation procedures, including GMM estimation of the closed form, and nonlinear instrumental variables. Also, as we discuss, many others have obtained very similar results to ours using a systems approach, including FIML techniques. Hence, the conclusions of GG and others regarding the importance of forward looking behavior remain robust. |
| 主题 | Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w11788 |
| 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/569439 |
| 推荐引用方式 GB/T 7714 | Jordi Gali,Mark Gertler,David Lopez-Salido. Robustness of the Estimates of the Hybrid New Keynesian Phillips Curve. 2005. |
| 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 | ||
| w11788.pdf（246KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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