全球智库信息集成服务系统(G2TT): Some International Evidence for Keynesian Economics without the Phillips Curve

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w25743
来源ID	Working Paper 25743
	Some International Evidence for Keynesian Economics without the Phillips Curve
	Roger Farmer; Giovanni Nicolò
发表日期	2019-04-15
出版年	2019
语种	英语
摘要	Farmer and Nicolò (2018) show that the Farmer Monetary (FM)- model outperforms the three-equation New-Keynesian (NK)-model in post war U.S. data. In this paper, we compare the marginal data density of the FM-model with marginal data densities for determinate and indeterminate versions of the NK-model for three separate samples using U.S., U.K. and Canadian data. We estimate versions of both models that restrict the parameters of the private sector equations to be the same for all three countries. Our preferred specification is the constrained version of the FM-model which has a marginal data density that is more than 40 log points higher than the NK alternative. Our findings also demonstrate that cross-country macroeconomic differences are well explained by the different shocks that hit each economy and by differences in the ways in which national central banks reacted to those shocks.
主题	Macroeconomics ; Business Cycles ; Money and Interest Rates ; International Economics
URL	https://www.nber.org/papers/w25743
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/583417
推荐引用方式 GB/T 7714	Roger Farmer,Giovanni Nicolò. Some International Evidence for Keynesian Economics without the Phillips Curve. 2019.

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
w25743.pdf（1051KB）	智库出版物		限制开放	CC BY-NC-SA	浏览