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Estimates of the Sticky-Information Phillips Curve for the United States
- Journal of Money, Credit, and Banking
- The Ohio State University Press
- Volume 38, Number 1, February 2006
- pp. 195-207
- 10.1353/mcb.2006.0018
- Article
- Additional Information
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).