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The New Keynesian Phillips Curve:A Survey

Chengsi Zhang

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Abstract

This paper provides a comprehensive survey on the New Keynesian Phillips Curve(NKPC) theory which has microeconomic foundation. The paper summarizes the important theoretical contributions of the NKPC to monetary policy transmission mechanism. Based on empirical analysis on China and major industrial countries,the article also points out the incompleteness of the stylized model. The paper proposes important extensions to make the theory consistent with the reality.

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What this paper is about

This paper provides a comprehensive survey on the New Keynesian Phillips Curve(NKPC) theory which has microeconomic foundation. The paper summarizes the important theoretical contributions of the NKPC to monetary policy transmission mechanism. Based on empirical analysis on China and major industrial countries,the article also points out the incompleteness of the stylized model. The paper proposes important extensions to make the theory consistent with the reality.

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Available abstract

This paper provides a comprehensive survey on the New Keynesian Phillips Curve(NKPC) theory which has microeconomic foundation. The paper summarizes the important theoretical contributions of the NKPC to monetary policy transmission mechanism. Based on empirical analysis on China and major industrial countries,the article also points out the incompleteness of the stylized model. The paper proposes important extensions to make the theory consistent with the reality.

Key concepts: Stylized fact, Phillips curve, New Keynesian economics, Economics, Foundation (evidence), Survey data collection, Macroeconomics, Keynesian economics

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