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Inflation dynamics and New Keynesian Phillips Curve in Australia

Syed Kanwar Abbas

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Abstract

The New Keynesian Phillips Curve (NKPC) is a standard model in the analysis of inflation dynamics. For the Australian economy, this study establishes the empirical evidence that the NKPC can explain the process of inflation dynamics and the price-setting mechanism. The trade shocks, such as the real exchange rate and the terms of trade, play an important role in inflation dynamics.

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What this paper is about

The New Keynesian Phillips Curve (NKPC) is a standard model in the analysis of inflation dynamics. For the Australian economy, this study establishes the empirical evidence that the NKPC can explain the process of inflation dynamics and the price-setting mechanism. The trade shocks, such as the real exchange rate and the terms of trade, play an important role in inflation dynamics.

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Available abstract

The New Keynesian Phillips Curve (NKPC) is a standard model in the analysis of inflation dynamics. For the Australian economy, this study establishes the empirical evidence that the NKPC can explain the process of inflation dynamics and the price-setting mechanism. The trade shocks, such as the real exchange rate and the terms of trade, play an important role in inflation dynamics.

Key concepts: Phillips curve, Economics, Keynesian economics, Inflation (cosmology), New Keynesian economics, Dynamics (music), Exchange rate, Macroeconomics

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