We review the main identification strategies and empirical evidence on the role of
expectations in the New Keynesian Phillips curve, paying particular attention to the issue of …

We discuss weak instrument robust statistics in GMM for testing hypotheses on the full
parameter vector or on subsets of the parameters. We use these test procedures to …

This paper examines the drivers of overall inflation and its component, food inflation in India
using monthly data from April 1996 to March 2017. The analysis covers both WPI and CPI …

The classical Phillips curve shows a negative relationship between inflation and
unemployment. However, various studies have documented temporal positive and negative …

It has long been recognised that the balance between backward-looking and forward-
looking expectations has critical policy implications. This is because backward-looking …

This paper provides empirical estimates of contracting models of the Phillips curve for eight
middle-income developing countries (Chile, Colombia, Korea, Malaysia, Mexico, Morocco …

The first part of this chapter sets out a coherent approach to dynamic macroeconometric
modelbuilding; the second part demonstrates the approach through building and evaluating …

We estimate a variety of small‐scale new‐Keynesian DSGE models with the cost channel to
assess their ability to replicate the 'price puzzle', ie the inflationary impact of a monetary …

We review the main New Keynesian inflation equations that have arisen as a result of
aggregation from individual firms' price rigidities. We find that, on the whole, they cannot …

Using a panel data set for OECD countries we replicate the typical features of the New
Keynesian Phillips curve models (NPCs) that have been estimated on country data. While …