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dc.contributor.authorBoug, Pål
dc.contributor.authorCappelen, Ådne
dc.contributor.authorSwensen, Anders Rygh
dc.date.accessioned2011-10-24T21:59:37Z
dc.date.available2011-10-24T21:59:37Z
dc.date.issued2011
dc.identifier.issn1892-753x
dc.identifier.urihttp://hdl.handle.net/11250/180379
dc.descriptionAbstracts with downloadable Discussion Papers in PDF are available on the Internet: http://www.ssb.noen_US
dc.description.abstractAbstract: We evaluate the empirical performance of the new Keynesian Phillips curve (NKPC) for a small open economy using cointegrated vector autoregressive models, likelihood based methods and general method of moments. Our results indicate that both baseline and hybrid versions of the NKPC as well as exact and inexact formulations of the rational expectation hypothesis are most likely at odds with Norwegian data. By way of contrast, we establish a well-specified dynamic backward-looking imperfect competition model (ICM), a model which encompasses the NKPC in-sample with a major monetary policy regime shift from exchange rate targeting to inflation targeting. We also demonstrate that the ICM model forecasts well both post-sample and during the recent financial crisis. Our findings suggest that taking account of forward-looking behaviour when modelling consumer price inflation is unnecessary to arrive at a well-specified model by econometric criteria. Keywords: _____ The new Keynesian Phillips curve, imperfect competition model, cointegrated vector autoregressive models (CVAR), equilibrium correction models, likelihood based methods and general method of moments (GMM).en_US
dc.language.isoengen_US
dc.publisherStatistics Norwayen_US
dc.relation.ispartofseriesDiscussion Papers;No. 652
dc.subjectNew Keynesian Phillips curveen_US
dc.subjectJEL classification: C51en_US
dc.subjectJEL classification: C52en_US
dc.subjectJEL classification: E31en_US
dc.subjectJEL classification: F31en_US
dc.subjectEquilibrium correction modelsen_US
dc.subjectLikelihood based methodsen_US
dc.titleThe New Keynesian Phillips curve : does it fit Norwegian data?en_US
dc.typeWorking paperen_US
dc.subject.nsiVDP::Social science: 200::Economics: 210en_US
dc.source.pagenumber31 s.en_US


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