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dc.contributor.authorBoug, Pål
dc.contributor.authorCappelen, Ådne
dc.contributor.authorSwensen, Anders Rygh
dc.date.accessioned2018-10-26T13:18:55Z
dc.date.available2018-10-26T13:18:55Z
dc.date.issued2016-06-13
dc.identifier.citationBoug, P. , Cappelen, Å. and Swensen, A. R. (2017), Inflation Dynamics in a Small Open Economy. Scandinavian Journal of Economics, 119(4): 1010-1039. doi:10.1111/sjoe.12194nb_NO
dc.identifier.issn1467-9442
dc.identifier.urihttp://hdl.handle.net/11250/2569815
dc.description"This is the peer reviewed version of the following article: [Boug, P, Cappelen, Å. & Swensen, A. R. (2017). Inflation dynamics in a small open economy. Scandinavian Journal of Economics, 119 (4), 1010-1039, which has been published in final form at https://doi.org/10.1111/sjoe.12194. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions."nb_NO
dc.description.abstractWe evaluate the empirical performance of forward-looking models for inflation dynamicsin a small open economy. Using likelihood-based testing procedures, we find that the exactformulation is at odds with Norwegian data. Moreover, some of the parameters in themodel are not well identified. We also find that the inexact formulation is not rejectedstatistically using a test based on a minimum distance method. However, confidence regionsalso reveal an identification problem with this model. Instead, we find a well-specifiedbackward-looking model with imperfect competition underlying the price setting, which isa model that outperforms an alternative forward-looking model in-sample. The backward-looking model also forecasts somewhat better than the alternative forward-looking model,during and after the recent financial crisis. Keywords: Backward-looking; cointegrated vector autoregressive models; equilibrium correc-tion models; forward-looking; likelihood-based methods; minimum distance methodnb_NO
dc.language.isoengnb_NO
dc.publisherWileynb_NO
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjectJEL classification: C51; C52; E31; F31nb_NO
dc.subjectVECTOR AUTOREGRESSIVE MODELSnb_NO
dc.subjectKEYNESIAN PHILLIPS-CURVEnb_NO
dc.subjectEXACT RATIONAL-EXPECTATIONSnb_NO
dc.subjectEquilibrium correction modelsnb_NO
dc.subjectLikelihood-based methodsnb_NO
dc.titleInflation Dynamics in a Small Open Economynb_NO
dc.typeJournal articlenb_NO
dc.typePeer reviewednb_NO
dc.description.versionacceptedVersionnb_NO
dc.rights.holderCopyright © 2017, John Wiley and Sonsnb_NO
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210nb_NO
dc.source.pagenumber1010–1039nb_NO
dc.source.volume119nb_NO
dc.source.journalScandinavian Journal of Economicsnb_NO
dc.source.issue4nb_NO
dc.identifier.doihttps://doi.org/10.1111/sjoe.12194


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
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