Estimating the New Keynesian Phillips Curve: A Vertical Production Chain Approach
提出基于垂直生产链微观基础的新代理变量和工具集来估计新凯恩斯菲利普斯曲线，发现基于投入价格而非工资的代理变量拟合更稳健显著，且新工具集更有效相关。
It has become customary to estimate the New Keynesian Phillips Curve (NKPC) with generalized method of moments using a large instrument set that includes lags of variables that are ad hoc to the firm's price‐decision problem. Researchers have also conventionally used real unit labor cost (RULC) as the proxy for real marginal cost even though it is difficult to support its significance. This paper introduces a new proxy for the real marginal cost term as well as a new instrument set, both of which are based on the micro foundations of the vertical chain of production. I find that the new proxy, based on input prices as opposed to wages, provides a more robust and significant fit to the model. Instruments that are based on the vertical chain of production appear to be both more valid and relevant toward the model.