Title data
Roeger, Werner ; Herz, Bernhard:
Traditional versus New Keynesian Phillips Curves : Evidence from Output Effects.
In: International Journal of Central Banking.
Vol. 8
(2012)
Issue 2
.
- pp. 87-109.
ISSN 1815-7556
Abstract in another language
We identify a crucial difference between the backward-looking and forward-looking Phillips curve concerning thereal output effects of monetary policy shocks. The backward-looking Phillips curve predicts a strict intertemporal trade-off in the case of monetary shocks: a positive short-run response of output is followed by a period in which output is below baseline and the cumulative output effect is exactly zero. In contrast, the forward-looking model implies a positive cumu-lative output effect. The empirical evidence on the cumulated output effects of money is consistent with the forward-looking model. We also use this method to determine the degree of forward-looking price setting.
Further data
Item Type: | Article in a journal |
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Refereed: | Yes |
Institutions of the University: | Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I - International Economics and Finance > Chair Economics I - International Economics and Finance - Univ.-Prof. Dr. Bernhard Herz Faculties Faculties > Faculty of Law, Business and Economics Faculties > Faculty of Law, Business and Economics > Department of Economics Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I - International Economics and Finance |
Result of work at the UBT: | Yes |
DDC Subjects: | 300 Social sciences > 330 Economics |
Date Deposited: | 31 Mar 2015 08:18 |
Last Modified: | 31 Mar 2015 08:18 |
URI: | https://eref.uni-bayreuth.de/id/eprint/9525 |