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We propose a solution to address the observed negative sign on the marginal cost variable in new Keynesian Phillips curve estimations. Our solution is based on an elaborate specification of the cost function faced by firms and the formulation of a reduced-form production function which is characterised by non-linear input–output relations. The resultant Phillips curve features the standard hybrid...
We examine whether alternative versions of the New Keynesian Phillips Curve equation contain useful information for forecasting the inflation process. We notably consider semi-structural specifications which combine, for closed- and open-economy versions of the model, the structural New Keynesian equation with time series features. Estimation and inference are conducted using identification-robust...
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