| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19790 |
| 来源ID | Working Paper 19790 |
| Time-Varying Phillips Curves | |
| Joseph S. Vavra | |
| 发表日期 | 2014-01-03 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | A growing theoretical literature argues that aggregate price flexibility and the inflation-output tradeoff faced by central banks should rise with microeconomic price change dispersion. However, there is little empirical work testing this prediction. I fill this gap by estimating time-varying forward looking New-Keynesian Phillips Curves (NKPC). I reject a NKPC with constant inflation-output tradeoff in favor of a slope that increases with microeconomic volatility. In contrast, there is no evidence that the inflation-output tradeoff varies with aggregate volatility or the business cycle more generally. Furthermore, I show that greater volatility does not affect price flexibility purely through increases in frequency. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w19790 |
| 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/577463 |
| 推荐引用方式 GB/T 7714 | Joseph S. Vavra. Time-Varying Phillips Curves. 2014. |
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