@ARTICLE{19081530_1999,
author = {Gali, Jordi and Gertler, Mark},
keywords = {cost channel, inflation, Phillips curve},
title = {Inflation Dynamics: A Structural Econometric Analysis},
journal = {Journal of Monetary Economics},
year = {1999},
month = {},
volume = {44},
number = {2},
pages = {195-222},
url = {http://ecsocman.hse.ru/text/19081530/},
publisher = {},
language = {ru},
abstract = {We develop and estimate a structural model of inflation that allows
for a fraction of firms that use a backward-looking rule to set
prices. The model nests the purely forward-looking New Keynesian
Phillips curve as a particular case. We use measures of marginal cost
as the relevant determinant of inflation, as the theory suggests,
instead of an ad hoc output gap. Real marginal costs are a
significant and quantitatively important determinant of inflation.
Backward-looking price setting, while statistically significant, is
not quantitatively important. Thus, we conclude that the New
Keynesian Phillips curve provides a good first approximation to the
dynamics of inflation. },
annote = {We develop and estimate a structural model of inflation that allows
for a fraction of firms that use a backward-looking rule to set
prices. The model nests the purely forward-looking New Keynesian
Phillips curve as a particular case. We use measures of marginal cost
as the relevant determinant of inflation, as the theory suggests,
instead of an ad hoc output gap. Real marginal costs are a
significant and quantitatively important determinant of inflation.
Backward-looking price setting, while statistically significant, is
not quantitatively important. Thus, we conclude that the New
Keynesian Phillips curve provides a good first approximation to the
dynamics of inflation. }
}