Econometric evaluation of the New Keynesian Phillips curve

被引：49

作者：

Bårdsen, G

Jansen, ES

Nymoen, R

机构：

[1] Norges Bank, Res Dept, Oslo, Norway

[2] Norwegian Univ Sci & Technol, N-7034 Trondheim, Norway

[3] Univ Oslo, Oslo, Norway

来源：

OXFORD BULLETIN OF ECONOMICS AND STATISTICS | 2004年 / 66卷

关键词：

D O I：

10.1111/j.1468-0084.2004.00097.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We give an appraisal of the New Keynesian Phillips curve (NPCM) as an empirical model of European inflation. The favourable evidence for NPCMs on euro-area data reported in earlier studies is shown to depend on specific choices made about estimation methodology. The NPCM can be re-interpreted as a highly restricted equilibrium correction model. We also report the outcome of tests based on variable addition and encompassing of existing models. The results show that economists should not accept the NPCM too readily.

引用

页码：671 / 686

页数：16

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