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Juha Seppala Kapinos, Pavel 2015-09-25T22:47:21Z 2015-09-25T22:47:21Z 10000-01-01 2004 2004 The New Keynesian literature has recently devoted considerable attention to endogenous shocks to the Phillips curve. One reason for such scrutiny is their ability to generate a meaningful tradeoff between inflation and the output gap without resorting to ad hoc exogenous shocks. Chapter 1 surveys three mechanisms that give rise to such endogenous shocks: the cost channel of transmission of monetary policy, nominal wage stickiness, and incomplete pass-through. With some reservations, these endogenous shocks produce the same sort of behavior of the model's variables in response to a technological shock as they would exhibit in response to an ad hoc cost-push shock. Chapters 2 and 3 consider the role of the cost channel in detailed theoretical and empirical settings. The cost channel may produce a cogent explanation to the so-called 'price puzzle', which may be discerned only from the monthly but not the quarterly data. Finally, Chapter 4 provides empirical estimates of some structural parameters that characterize the New Keynesian model with nominal wage stickiness using the generalized method of moments. One important finding is that the duration of price and nominal wage contracts may have been significantly overestimated in the previous literature. Made available in DSpace on 2015-09-25T22:47:21Z (GMT). No. of bitstreams: 2 license.txt: 4848 bytes, checksum: 96035ab3f5e1c23cc7138a224ce498bd (MD5) 3153342.pdf: 5259098 bytes, checksum: b9c057da2c2468989efb4d7a17072c55 (MD5) Previous issue date: 2004 Embargo set by: Seth Robbins for item 86830 Lift date: Forever Reason: Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs U of I Only 129 p. Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2004. http://hdl.handle.net/2142/85549 (MiAaPQ)AAI3153342 eng Economics, Theory Endogenous Shocks in the New Keynesian Model text Economics Economics University of Illinois at Urbana-Champaign Dissertation Ph.D.