Modeling inflation dynamics: a critical review of recent research
Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2005 - Business & Economics - 42 pages
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Adam Copeland Athanasios Orphanides Brian Sack central bank coeﬂicients December deﬁned detrended GDP detrended output discounted sum econometric models econometric Phillips curves Economics Discussion Series empirical inﬂation evidence Federal Reserve ﬁnd ﬁnding ﬁrms ﬁrst ﬁt the data forecasting forward-looking behavior future labor shares Gali and Gertler GMM estimation Granger causality hybrid model hypothesis implied inﬂation dynamics inﬂation equations inﬂation process inﬂation rate inﬂationary pressures inﬂuence instrument set Interest Rates Karl Whelan Keynesian labor’s lags of inﬂation Lopez-Salido 2005 Lucas critique Macroeconomic Mark Gertler measure of inﬂationary model of inﬂation Monetary Policy NAIRU natural rate new-Keynesian models new-Keynesian Phillips curve NKPC NKPC model obtained October optimal paper parameters potential potential output price inﬂation price rigidities provides proxy for real rational expectations rational forward-looking real marginal cost reduced-form reﬂect Robert Robert Solow role Sbordone Solow speciﬁcation Sticky Prices supply shocks Takeshi Kimura Technology Shocks theoretical tradeoff unemployment variables Woodford