Arbeitspapier/Forschungsbericht

Jahr der Veröffentlichung: 2005

URL: https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=ec3b7f3e95fe21a7d6924c3b8a8a94bd5cf6fd4c

Abstract: 

This paper tests the empirical fit of the forward-looking New-Keynesian Phillips Curve in Germany. The Calvo model of staggered price setting implies that inflation dynamics are driven by the present-value of future real marginal costs. We exploit forecasts of future realmarginal costs generated by VARmodels to assess the extent to which the model matches the behavior of actual inflation. The model replicates the overall dynamics of German inflation well at first sight. However, a set of bootstrapped confidence bands reveals that this seemingly favorable result is consistent with both a fitting and a failing model.

Harvard-Zitierstil: Tillmann, P. (2005) The Calvo Model of Price Setting and In°ation Dynamics in Germany. https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=ec3b7f3e95fe21a7d6924c3b8a8a94bd5cf6fd4c

APA-Zitierstil: Tillmann, P. (2005). The Calvo Model of Price Setting and In°ation Dynamics in Germany. https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=ec3b7f3e95fe21a7d6924c3b8a8a94bd5cf6fd4c