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2007•Palgrave Macmillan UK eBooksRequires access

Monetary Policy Shifts and Inflation Dynamics

Paolo Surico

Open publisher page 6 citations

Abstract

The New Keynesian Phillips Curve (NKPC) has recently become the building block of many monetary policy models. This relation plays a central role in understanding aggregate fluctuations and quantifying the transmission mechanism of monetary policy. Most of the success of the NKPC hinges on the fact that it is derived from first principles, thereby implying that its estimates survive the Lucas (1976) critique. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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What this paper is about

The New Keynesian Phillips Curve (NKPC) has recently become the building block of many monetary policy models. This relation plays a central role in understanding aggregate fluctuations and quantifying the transmission mechanism of monetary policy. Most of the success of the NKPC hinges on the fact that it is derived from first principles, thereby implying that its estimates survive the Lucas (1976) critique. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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OpenAlex reports 6 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

The New Keynesian Phillips Curve (NKPC) has recently become the building block of many monetary policy models. This relation plays a central role in understanding aggregate fluctuations and quantifying the transmission mechanism of monetary policy. Most of the success of the NKPC hinges on the fact that it is derived from first principles, thereby implying that its estimates survive the Lucas (1976) critique. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Key concepts: Economics, Phillips curve, Inflation (cosmology), New Keynesian economics, Monetary policy, Keynesian economics, Mechanism (biology), Aggregate (composite)

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