Excerpt
Contents
1 Introduction
2 Stating a Standard New Keynesian Model
2.1 The Representative Household
2.2 The Price Setting Problem of the Representative Firm
2.3 The Role of the Central Bank
2.4 Log-Linearizing the Equations Characterizing the Equilibrium
3 Phillips Curve Analysis
3.1 Original Phillips Curve
3.2 Baseline New Keynesian Phillips Curve
3.3 Hybrid New Keynesian Phillips Curve
4 Inflation Dynamics and Price Rigidity Analysis
4.1 Data
4.2 Baseline Model Estimation
4.2.1 Baseline-Estimation Set-Up
4.2.2 Parameter Calibration
4.2.3 Results
4.3 Hybrid Model estimation
4.3.1 Hybrid-Estimation Set-Up
4.3.2 Results
5 Inflation Targeting Approach
5.1 Model Set-Up
5.2 One-Month Inflation Targeting Approach
5.3 Four-Months Inflation Targeting Approach
5.4 Inflation Targeting Europe vs. United States
6 Conclusion
References
Appendix
- Quote paper
- Marc Kern (Author), 2015, Inflation Dynamics Reconsidered. Inflation Targeting Europe vs. United States, Munich, GRIN Verlag, https://www.grin.com/document/317626
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