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An Estimated New Keynesian Phillips Curve for Colombia, 1996-2006

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  • Juan Camilo Galvis

Abstract

This paper seeks to verify empirically the existence of a New Keynesian Phillips curve for the Colombian economy. This allows determining if inflation dynamics are likely explained by microeconomic foundations. Additionally, this approach enables the analysis of price rigidities in the economy. The results suggest that: (1) unit labor costs explain inflation dynamics; (2) eighty percent of firms set their prices every five quarters; and, (3) productivity changes explain marginal costs.

Suggested Citation

  • Juan Camilo Galvis, 2010. "An Estimated New Keynesian Phillips Curve for Colombia, 1996-2006," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 73, pages 11-47.
    • Handle: RePEc:lde:journl:y:2010:i:73:p:11-47
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    File URL: https://revistas.udea.edu.co/index.php/lecturasdeeconomia/issue/view/810
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    More about this item

    Keywords

    Nominal rigidities; inflation; Philips curve;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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