Economics, Econometrics and Finance
4 years ago

Monetary Policy Breakthrough: New Model Predicts Inflation Trends in Czech Republic

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Acta Universitatis Carolinae Oeconomica, Czech Economic Review/Acta Universitatis Carolinae. Oeconomica, Czech Economic Review
Inflation Convergence and the New Keynesian Phillips Curve in the Czech Republic
Katarína Danišková, Jarko Fidrmuc

Paper Summary

The article explores how inflation and real marginal cost are related in the Czech Republic using the New Keynesian Phillips Curve. By analyzing data from 1996 to 2009, the researchers found that the Generalized Method of Moments had issues with weak instruments, while Full Information Maximum Likelihood provided more reliable estimates. The results suggest that people in the Czech Republic tend to look forward when making economic decisions.

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