Estimates of the Sticky-Information Phillips Curve for the United States
- 1 January 2006
- journal article
- Published by Project MUSE in Journal of Money, Credit and Banking
- Vol. 38 (1) , 195-207
- https://doi.org/10.1353/mcb.2006.0018
Abstract
Mankiw and Reis (2002) have proposed a 'sticky-information'-based Phillips curve (SIPC) to address some of the concerns with the 'sticky-price'-based new Keynesian Phillips curve. In this paper, we present a methodology to empirically implement the SIPC and estimate its key structural parameter- the degree of information stickiness-for the United States.Using this methodology, we estimate average durations of information stickiness that range from three quarters (on the low side) to over seven quarters (on the high side).Keywords
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