A 'Hybrid' Monetary Policy Model: Evidence from the Euro Area
14 Pages Posted: 16 Dec 2001
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A 'Hybrid' Monetary Policy Model: Evidence from the Euro Area
Date Written: December 2001
Abstract
The New IS and Phillips Curves state that output and inflation are purely forward-looking but this theory is conflicting with the empirical results. This note analyses how an augmented version of those curves, called hybrid IS and Phillips curves are more consistent with the data properties.
Keywords: Euro area, habit formation, IS curve, Phillips curve, rule of thumb, monetary policy rule
JEL Classification: C32, E17
Suggested Citation: Suggested Citation
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