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Non-stationary inflation and panel estimates of the n ew Keynesian Phillips curve for Australia

Rao, B. Bhaskara and Paradiso, Antonio and Esposito, Piero (2011): Non-stationary inflation and panel estimates of the n ew Keynesian Phillips curve for Australia.

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Abstract

This paper uses a recent panel method of Russell and Banerjee (2008) to estimate the new Keynesian Phillips curve for Australia. Our estimates show that while the hybrid new Keynesian Phillips curve and backward looking conventional Phillips curve are well determined, estimates of the Phillips curve with the pure forward looking expectations are unsatisfactory.

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