Abstract

Mankiw and Reis (2002) have proposed a 'sticky-information'-based Phillips curve (SIPC) to address some of the concerns with the 'sticky-price'-based new Keynesian Phillips curve. In this paper, we present a methodology to empirically implement the SIPC and estimate its key structural parameter- the degree of information stickiness-for the United States.Using this methodology, we estimate average durations of information stickiness that range from three quarters (on the low side) to over seven quarters (on the high side).

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Additional Information

ISSN
1538-4616
Print ISSN
0022-2879
Pages
pp. 195-207
Launched on MUSE
2006-04-24
Open Access
No
Archive Status
Archived 2007
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