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:: Volume 19, Issue 59 (Spring 2011) ::
qjerp 2011, 19(59): 81-100 Back to browse issues page
Estimation of New- Keynesian Phillips Curve with Co-integration and VAR Methods: The Case of Iran
Timor Rahmani * , Hossein Amiri
, trahmani@ut.ac.ir
Abstract:   (16050 Views)
In this article, using New- Keynesian approach for inflation and unemployment which focuses on the menu costs and rigidity of prices and wages, first a bi-variate system including inflation and unemployment and a tri-variate system with inflation, unemployment and mark-up of the costs of labor force have been estimated. Then the long-term relationship between these variables has been estimated by using co-integration and VAR models. The estimation of these two systems gives a positive and long-term relationship between inflation and unemployment. Also the relationship between inflation and mark-up of the cost of labor force has been estimated which is negative and therefore, there is a positive relation between inflation and unemployment. Such Positive relationship indicates chronic stagnation phenomena in the Iranian Economy.
Keywords: New-Keynesian Phillips Curve, Inflation Rate, Unemployment Rate, Menu Costs, Rigidity of Prices and Wages, Co-Integration and VAR Models
Full-Text [PDF 379 kb]   (3088 Downloads)    
Type of Study: Research | Subject: General
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Rahmani T, Amiri H. Estimation of New- Keynesian Phillips Curve with Co-integration and VAR Methods: The Case of Iran. qjerp 2011; 19 (59) :81-100
URL: http://qjerp.ir/article-1-195-en.html


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Volume 19, Issue 59 (Spring 2011) Back to browse issues page
فصلنامه پژوهشها و سیاستهای اقتصادی Journal of Economic Research and Policies
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