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Translog kostnadsfunktion: Estimering av Phillipskurvan
University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies.
University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies.
2010 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
  (Swedish)
Abstract [sv]

Denna uppsats har baserats på den Nya Keynesianska Phillipskurvan (NKPC) som utvecklades av Gali och Gertler (1999). Det huvudsakliga syftet var att skatta den svenska Phillipskurvan och sedan hitta de relevanta faktorer som påverkar inflationen. Den ursprungliga NKPC relaterar inflation till marginalkostnad och framtida inflationsförväntningar. Den enda skillnaden mellan Galis och Gertlers och Bengt Assarssons specifikation av Phillipskurvan, är att han använder en Translog kostnadsfunktion som ett alternativ till Cobb-Douglas kostnadsfunktionen för att mäta marginalkostnaden. På grund av detta har inflationsnivån i ekonomin inte bara påverkas av förändringen i löner som i fallet med Cobb-Douglas kostnadsfunktion. Vårt resultat visar å ena sidan att ökad produktion, löner och pris på material (insatsvaror) har lett till inflationsökning i Sverige. Å andra sidan har vårt resultat visat att prishöjningen på kapital drar ner inflation. Dessa resultat visar att användningen av translog kostnadsfunktion, i stället för en Cobb-Douglas funktion, har en fördel.

Abstract [en]

This paper is based on the New Keynesian Phillips Curve (NKPC) which was developed by Gali and Gertler (1999). The main purpose was to estimate the Swedish Phillips curve and then find the relevant determinants of inflation. The baseline NKPC model relates inflation to marginal cost and expected future inflation. The only difference between Gali and Getler’s specification of the Phillips curve and Bengt Assarsson’s is that he uses a Translog cost function, instead of Cobb- Douglas cost function to measure marginal cost. Because of that, inflation is not explained only by labor income share as in the Cobb-Douglas case. Our results indicate on one hand that the increase in output, wages and price of materials (intermediate inputs) is associated with increase in Swedish inflation. On the other hand, we found that the Swedish inflation is negatively affected by increase in price of capital. These results illustrate that the use of translog cost function instead of Cobb-Douglas function when measuring marginal cost has an evident advantage.

Place, publisher, year, edition, pages
2010. , p. 30
Keywords [sv]
Phillipskurvan, marginalkostnad, nya keynesianska teorin, Translog kostnadsfunktion, ekonometrisk analys, inflationen, inflationsförväntningar och produktionsfaktorer.
National Category
Economics
Identifiers
URN: urn:nbn:se:hig:diva-7072OAI: oai:DiVA.org:hig-7072DiVA, id: diva2:326584
Presentation
2010-06-23, Kungsbäcksvägen 47, Gävle, 13:03 (Swedish)
Uppsok
Physics, Chemistry, Mathematics
Supervisors
Examiners
Available from: 2010-06-23 Created: 2010-06-23 Last updated: 2010-06-23Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
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