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Theoretical and Applied Economics
No. 4 / 2019 (621), Winter

The new Keynesian Phillips Curve. Implications. Strengths and weaknesses

Rareș-Petru MIHALACHE
The University of Manchester, The United Kingdom
Dumitru Alexandru BODISLAV
Bucharest University of Economic Studies, Romania

Abstract. The present paper explores the first Dynamic Stochastic General Equilibrium New Keynesian Model and it seeks to emphasize the main advantages and disadvantages involved by the NKPC. Firstly, we start the analysis by discussing briefly about the history of the Phillips Curve and then we try to stress the most important aspects regarding the standard and the hybrid New Keynesian Phillips Curves. Secondly, our goal is to provide an insight about this topic which can represent the starting point for further analysis. Moreover, a special section is included which emphasizes the evidence referred to the NKPC and the hybrid NKPC.

Keywords: the new Keynesian Phillips curve, the hybrid new Keynesian Phillips curve, dynamic stochastic general equilibrium models, forward-looking inflation, backward-looking inflation.

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