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dc.contributor.authorKivedal, Bjørnar Karlsen
dc.date.accessioned2018-03-26T12:47:02Z
dc.date.available2018-03-26T12:47:02Z
dc.date.created2017-10-23T12:52:24Z
dc.date.issued2017
dc.identifier.citationEmpirical Economics. 2017, 1-19.nb_NO
dc.identifier.issn0377-7332
dc.identifier.urihttp://hdl.handle.net/11250/2492129
dc.description.abstractThis paper investigates theoretical implications from a new Keynesian model focusing on the labor market, by imposing them as testable restrictions in an estimated vector error correction model on US data from 1982Q3 to 2016Q1. By this, I conduct an important, but rarely addressed, step in assessing the empirical relevance of a theoretical new Keynesian model. Another advantage of this approach is that the cycle and trend components of the data are separated when imposing the testable restrictions, such that there is no need to filter the data series prior to estimation. The results show that most of the properties pertaining to the theoretical model cannot be rejected when imposed as restrictions. The new Keynesian model on the labor market is thus found to be empirically relevant. Furthermore, the estimated econometric model explains a large degree of the wage and price dynamics in the USA, such that the paper also provides an estimated macroeconometric model.nb_NO
dc.language.isoengnb_NO
dc.publisherSpringer Verlagnb_NO
dc.titleA new Keynesian framework and wage and price dynamics in the USAnb_NO
dc.typeJournal articlenb_NO
dc.typePeer reviewednb_NO
dc.description.versionacceptedVersionnb_NO
dc.source.pagenumber1-19nb_NO
dc.source.journalEmpirical Economicsnb_NO
dc.identifier.doi10.1007/s00181-017-1320-8
dc.identifier.cristin1506810
dc.description.localcodeThis is a post-peer-review, pre-copyedit version of an article published in [Empirical Economics] Locked until 29.8.2018 due to copyright restrictions. The final authenticated version is available online at: https://link.springer.com/article/10.1007%2Fs00181-017-1320-8nb_NO
cristin.unitcode194,60,20,0
cristin.unitnameInstitutt for samfunnsøkonomi
cristin.ispublishedtrue
cristin.fulltextpostprint
cristin.qualitycode1


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