The New Keynesian Phillips Curve (sticky Price-wage Model) in the U.S. and Japan |
Common terms and phrases
actual price adaptive expectations backward-looking component capture inflation central banks coefficients of output core CPI core PCE deflator deflator-based real wage EHL model equations equilibrium real wage estimation period Euro area expected inflation explanatory variable firms which set forward-looking component future inflation GDP deflator GGLS hybrid NKPC imperfect competitive inflation dynamics inflation expectations inflation in period inflation pressure inflation rate insight into inflation Instrumental variable Journal of Monetary Keynesian Phillips Curve labor income share labor productivity lagged variables Lucas critique Masaaki Suzuki Mizuho Monetary Economics monetary policy NAIRU neoclassical Phillips curve Nishizaki 2005 optimal price output gap p-value percent price level price stickiness prior research product prices rational expectations real marginal cost real wage gap represented as Eq reset price restriction of coefficients set prices sticky price model sticky price setting sticky price-wage model traditional neoclassical Phillips U.S. and Japan ULC growth wage factor Woodford π₁