An Open-Economy New Keynesian Phillips Curve for the U.K.
We estimate a pricing equation or "new Keynesian Phillips curve" (NKPC) obtained from a structural dynamic model of price setting based on Rotemberg [1982. Sticky prices in the United States. Journal of Political Economy 90(6), 1187-1211] and extended to capture employment adjustment costs and the openness of the United Kingdom. This model nests the baseline Gali and Gertler [1999. Inflation dynamics: a structural econometric analysis. Quarterly Journal of Economics 110, 127-159) and Sbordone...Expand abstract
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