The DOI matches its Crossref record.
Inflation dynamics: A structural econometric analysis
Open accessAbstract
We develop and estimate a structural model of inflation that allows for a fraction of firms that use a backward-looking rule to set prices. The model nests the purely forward-looking New Keynesian Phillips curve as a particular case. We use measures of marginal cost as the relevant determinant of inflation, as the theory suggests, instead of an ad hoc output gap. Real marginal costs are a significant and quantitatively important determinant of inflation. Backward-looking price setting, while statistically significant, is not quantitatively important. Thus, we conclude that the New Keynesian Phillips curve provides a good first approximation to the dynamics of inflation.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cited by
Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005) · Journal of Political Economy · doi:10.1086/426038 · Cited by 6,238
The Science of Monetary Policy: A New Keynesian Perspective
Clarida, R., Galí, J., & Gertler, M. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.4.1661 · Cited by 4,916
Self-citationSome Evidence on the Importance of Sticky Prices
Bils, M., & Klenow, P. J. (2004) · Journal of Political Economy · doi:10.1086/422559 · Cited by 1,540
Fiscal Volatility Shocks and Economic Activity
Fernández-Villaverde, J., Guerrón-Quintana, P., Kuester, K., & Rubio-Ramírez, J. (2015) · American Economic Review · doi:10.1257/aer.20121236 · Cited by 938
Testing for Indeterminacy: An Application to U.S. Monetary Policy
Lubik, T. A., & Schorfheide, F. (2004) · American Economic Review · doi:10.1257/000282804322970760 · Cited by 868
Metadata
- Authors
- Galı́, J., & Gertler, M.
- Venue
- Journal of Monetary Economics
- Publisher
- Elsevier BV
- Published
- 1999-10
- Volume
- 44
- Issue
- 2
- Pages
- 195-222
- ISSN
- 0304-3932 (ISSN-L)
- OpenAlex
- W3123935426
- Cited by
- 3,087
- References
- 0
- FWCI
- 146.40
- Type
- journal article
- Language
- en
- Open access
- hybrid
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Inflation dynamics: A structural econometric analysis. https://app.cochat.ai/papers/10.1016/s0304-3932(99)00023-9
- The paper
- Galı́, J., & Gertler, M. (1999). Inflation dynamics: A structural econometric analysis. Journal of Monetary Economics. https://doi.org/10.1016/s0304-3932(99)00023-9
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
