Now showing items 1-10 of 14
The Empirical (ir)Relevance of the New Keynesian Phillips Curve
(Working Paper Series, 1503-299X; 2002:21, Research report, 2002)
We give an appraisal of the New Keynesian Phillips curve (NPC) as an empirical model of European inflation. We show that existing evidence reported in favour of the NPC on Euro-area and country data is due to a corroborative ...
A Wage Curve for the Interwar Labour Market: Evidence from a Panel of Norwegian Manufacturing Industries
(Working Paper Series, 1503-299X; 2002:18, Research report, 2002)
We present an econometric analysis of wage behaviour in Norway during the interwar years. Applying GMM estimation methods to a newly constructed panel of manufacturing industry data, we Þnd that the interwar years do not ...
Model Specification and Inflation Forecast Uncertainty
(Working Paper Series, 1503-299X; 2002:13, Research report, 2002)
Three classes of inflation models are discussed: Standard Phillips curves, New Keynesian Phillips curves and Incomplete Competition models. Their relative merits in explaining and forecasting inflation are investigated ...
The Generic Properties of Equilibrium Correction Mechanisms
(Working Paper Series, 1503-299X; 2002:4, Research report, 2002)
Linear dynamic equilibrium correction mechanisms are shown to follow from the discretisation of continuous economic processes with steady-state solutions. In addition, the proposed procedure on the coefficients of the ...
Modelling Wages and Prices in Australia
(Working Paper Series, 1503-299X; 2002:12, Research report, 2002)
This paper estimates a simultaneous-equation model of wages and prices for Australia, underpinned by a competing claims framework of imperfect competition. Two separate cointegrating relationships for wages and prices are ...
Testing Steady-State Implications for the NAIRU
(Working Paper Series, 1503-299X; 2002:16, Research report, 2002)
Estimates of the NAIRU are usually derived either from a Phillips curve or from a wage curve. This paper investigates the correspondence between the operational NAIRU-concepts and the steady state of a dynamic wage-price ...
Econometric Inflation Targeting
(Working Paper Series, 1503-299X; 2002:5, Research report, 2002)
Inflation targeting requires inflation forecasts, yet most models in the literature are either theoretical or calibrated. The motivation for this paper is therefore threefold: We seek to test and implement an econometric ...
A Smooth-Transition Model of the Australian Unemployment Rate
(Working Paper Series, 1503-299X; 2002:10, Research report, 2002)
Models of the aggregate unemployment rate have traditionally been estimated from structural models of the labour market or in a linear single-equation framework. However, theory as well as evidence suggest that the ...
Monetary policy and asset prices: To respond or not?
(Working Paper Series, 1503-299X; 2005:7, Research report, 2005)
We investigate whether there is a case for asset prices in interest rates rules within a small econometric model of the Norwegian economy, modeling the interdependence of the real economy, credit and three classes of assets ...
Carl Barks: A classical economist?
(Working Paper Series, 1503-299X; 2005:5, Research report, 2005)
The paper gives an introduction to the economic theories of Carl Barks using an interpretation of his analysis of cyclone money as an example.