|Appears in Collections:||Economics Journal Articles|
|Peer Review Status:||Refereed|
|Title:||International Evidence on the New Keynesian Phillips Curve Using Aggregate and Disaggregate Data|
|Citation:||Byrne J, Kontonikas A & Montagnoli A (2013) International Evidence on the New Keynesian Phillips Curve Using Aggregate and Disaggregate Data, Journal of Money, Credit and Banking, 45 (5), pp. 913-932.|
|Abstract:||We present a unique empirical analysis of the properties of the New Keynesian Phillips Curve (NKPC) using an international data set of aggregate and disaggregate sectoral inflation. Our results from panel time-series estimation clearly indicate that sectoral heterogeneity has important consequences for aggregate inflation behavior. Heterogeneity helps to explain the overestimation of inflation persistence and underestimation of the role of marginal costs in empirical investigations of the NKPC that use aggregate data. We find that combining disaggregate information with heterogeneous-consistent estimation techniques helps to reconcile, to a large extent, the NKPC with the data.|
|Rights:||The publisher does not allow this work to be made publicly available in this Repository. Please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study.|
|Affiliation:||University of Glasgow|
University of Glasgow
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