Economics, Econometrics and Finance
8 years ago

Inflation dynamics in Lithuania shaped by expected and lagged inflation.

RePEc: Research Papers in Economics
NEW KEYNESIAN PHILLIPS CURVE IN LITHUANIA
Ernestas Virbickas

Paper Summary

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The article estimates the New Keynesian Phillips curve in Lithuania, focusing on how inflation is influenced by expected and past inflation. Real marginal cost has limited impact on inflation dynamics. Pricing behavior in Lithuania shows that prices change every 2.2-2.8 quarters, with around one third of firms adjusting prices based on past inflation.