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| Author: | Roberts, J. |
| Title: | New Keynesian economics and the Phillips curve |
| Journal: | Journal of Money, Credit and Banking
1995 : NOV, VOL. 27:4/1, p. 975-984 |
| Index terms: | MONEY BANKING KEYNESIAN SCHOOL |
| Language: | eng |
| Abstract: | Sticky prices are an important part of monetary models of business cycles. In recent years, a consensus has formed around the microfoundations of sticky price models, and this consensus is an important part of New Keynesian economics (Ball, Mankiw, and Romer 1988). In this paper the author shows that several of the new Keynesian models have a common formulation that is similar to the expectations-augmented Phillips curve or Friedman and Phelps. The author also presents new estimates of this common model. |
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