Author:
B. Menyhért
B. Menyhért
Fondation Deutsch de la Meurthe 37 Bd Jourdain 75014 Paris France
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This paper estimates the hybrid New-Keynesian Phillips curve (NKPC) for Hungary with different techniques. Because of weak instruments, single-equation GMM estimations yield very unreliable results. More robust methods show that basically no statistical inference is possible as to the true specification of the inflation dynamics. However, a more efficient simultaneous-equations method, the full information maximum likelihood (FIML) estimator provides identified parameters. Furthermore, coefficient estimates on the driving variable are positive and significant for the first time, lending much-needed empirical support in favour of the New-Keynesian model. Inflation appears to be determined to an equal extent by past inflation and forward-looking expectations. Structural analysis yields realistic estimates for the frequency of price adjustments and suggests that the dominant price setting behaviour is backward-looking.
Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: judit.kalman@uni-corvinus.hu
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| 2024 | |
|---|---|
| Scopus | |
| CiteScore | |
| CiteScore rank | |
| SNIP | |
| Scimago | |
| SJR index | 0.201 |
| SJR Q rank | Q3 |
| 2023 | |
|---|---|
| Web of Science | |
| Journal Impact Factor | 0.7 |
| Rank by Impact Factor | Q3 (Economics) |
| Journal Citation Indicator | 0.23 |
| Scopus | |
| CiteScore | 1.4 |
| CiteScore rank | Q3 (Economics and Econometrics) |
| SNIP | 0.385 |
| Scimago | |
| SJR index | 0.218 |
| SJR Q rank | Q4 |
| Acta Oeconomica | |
|---|---|
| Publication Model | Hybrid |
| Submission Fee | none |
| Article Processing Charge | 900 EUR/article |
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| Regional discounts on country of the funding agency | World Bank Lower-middle-income economies: 50% World Bank Low-income economies: 100% |
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| Subscription Information | Online subscribers are entitled access to all back issues published by Akadémiai Kiadó for each title for the duration of the subscription, as well as Online First content for the subscribed content. |
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| Acta Oeconomica | |
|---|---|
| Language | English |
| Size | B5 |
| Year of Foundation |
1966 |
| Volumes per Year |
1 |
| Issues per Year |
4 |
| Founder | Magyar Tudományos Akadémia |
| Founder's Address |
H-1051 Budapest, Hungary, Széchenyi István tér 9. |
| Publisher | Akadémiai Kiadó |
| Publisher's Address |
H-1117 Budapest, Hungary 1516 Budapest, PO Box 245. |
| Responsible Publisher |
Chief Executive Officer, Akadémiai Kiadó |
| ISSN | 0001-6373 (Print) |
| ISSN | 1588-2659 (Online) |
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|---|---|---|---|
| Nov 2024 | 15 | 2 | 3 |
| Dec 2024 | 17 | 0 | 0 |
| Jan 2025 | 57 | 0 | 0 |
| Feb 2025 | 37 | 1 | 1 |
| Mar 2025 | 47 | 1 | 1 |
| Apr 2025 | 18 | 0 | 0 |
| May 2025 | 1 | 0 | 0 |
Author:
The system paradigm revisited
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