The new Keynesian Phillips curve in a small open economy: empirical evidence from Australia

Abbas, Syed Kanwar, Bhattacharya, Prasad Sankar, Mallick, Debdulal and Sgro, Pasquale 2016, The new Keynesian Phillips curve in a small open economy: empirical evidence from Australia, Economic record, vol. 92, no. 298, pp. 409-434, doi: 10.1111/1475-4932.12262.

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Title The new Keynesian Phillips curve in a small open economy: empirical evidence from Australia
Author(s) Abbas, Syed Kanwar
Bhattacharya, Prasad SankarORCID iD for Bhattacharya, Prasad Sankar
Mallick, DebdulalORCID iD for Mallick, Debdulal
Sgro, PasqualeORCID iD for Sgro, Pasquale
Journal name Economic record
Volume number 92
Issue number 298
Start page 409
End page 434
Total pages 26
Publisher Wiley
Place of publication London, Eng.
Publication date 2016-09
ISSN 0013-0249
Summary This study estimates the new Keynesian Phillips curve (NKPC) ofGali and Monacelli for a small open economy using Australian data.Our detailed investigation hinges on estimating the structuralparameters in five different variants of the Gali–Monacelli NKPC,which relates the inflation process to terms of trade and the realexchange rate; the marginal cost and output gap as proxies for realeconomic activity and the hybrid version incorporating bothforward- and backward-looking inflation expectations. The analysisand extensive robustness checks overwhelmingly establish that theGali–Monacelli NKPC cannot explain the dynamics of inflation andis rejected by the Australian data.
Language eng
DOI 10.1111/1475-4932.12262
Field of Research 140212 Macroeconomics (incl Monetary and Fiscal Theory)
Socio Economic Objective 910199 Macroeconomics not elsewhere classified
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2016, Economic Society of Australia
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Collections: Faculty of Business and Law
Department of Economics
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