2020•İşletme Ekonomi ve Yönetim Araştırmaları DergisiOpen access

DISCUSSION OF HYBRID NEW KEYNESIAN PHILLIPS CURVE METHODOLOGY ON INFLATION DYNAMICS

Ayşegül Ladin Sümer

Abstract

The New Keynesian Phillips curve accepts real marginal costs, which are shaped by forward pricing as relevant determinants of inflation. Accordingly, while some firms change prices in every period, the rest of the firms keep prices stable. When fixed prices are considered as the lagged value of inflation, price inertia emerges. In this study, how to reach the hybrid model by technically examining the backward looking expectations as a subset to capture the price inertia in the New Keynesian Phillips curve.

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Key concepts: Phillips curve, Economics, New Keynesian economics, Inflation (cosmology), Keynesian economics, Inertia, Econometrics, Marginal cost