دانلود مقاله ISI انگلیسی شماره 49259
عنوان فارسی مقاله

اقدامات جایگزین هزینه نهایی و تورم در برآورد پویایی جدید تورم کینزی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
49259 2008 13 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Alternative measures of marginal cost and inflation in estimations of new Keynesian inflation dynamics ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Macroeconomics, Volume 30, Issue 3, September 2008, Pages 928–940

کلمات کلیدی
پویایی تورم کینزی جدید ؛ چسبندگی قیمت
پیش نمایش مقاله
پیش نمایش مقاله اقدامات جایگزین هزینه نهایی و تورم در برآورد پویایی جدید تورم کینزی

چکیده انگلیسی

In an important and highly influential paper [Gali, J., Gertler, M., 1999. Inflation dynamics: A structural econometric analysis. Journal of Monetary Economics 44, 195–222] develop and estimate a structural new Keynesian Phillips curve model of inflation dynamics based on the [Calvo, Guillermo, 1983. Staggered prices in a utility maximizing framework. Journal of Monetary Economics 12, 383–398] model of sticky prices. To estimate their model, Gali and Gertler measure inflation as the quarterly percentage change in the GDP deflator, and they consider a specific calculation of the deviation of labor-income share from its mean value as the only proxy measure of aggregate marginal cost. Most other researchers have followed their lead. In this paper, we closely replicate Gali and Gertler’s results and compare these replicated results to those obtained when alternative measures of marginal cost and inflation are utilized. We find that estimations of the structural new Keynesian model of inflation dynamics are not particularly altered by using a marginal-cost measure based on actual industry costs but are sensitive to using a PPI-inflation measure that arguably is more appropriate for testing a theory of firm pricing. Furthermore, we find that utilizing a detrended measure of marginal cost yields results that are at least as plausible as those of Gali and Gertler, yet which generally suggest greater aggregate US price flexibility.

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