Estimates of the Sticky-Information Phillips Curve for the United States, Canada, and the United Kingdom

Hashmat Khan & Zhenhua Zhu
Mankiw and Reis (2001a) have proposed a "sticky-information"-based Phillips curve (SIPC) to address some of the concerns with the "sticky-price"-based new Keynesian Phillips curve. In this paper, we present a methodology for the empirical implementation of the SIPC for closed and open economies. We estimate its key structural parameter—the average duration of information stickiness—for the United States, Canada, and the United Kingdom. The benchmark results (with forecasting horizons of firms of seven to eight quarters)...
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