Estimated Open Economy New Keynesian Phillips Curves for the G7



Table 6: T-Tests for Equality of the α0s

M2-M1

M3-M1

M4-M1

USA

0.005 (0.17)

0.009 (0.27)

0.069

(1.65)

CAN

0.070 (0.76)

0.070 (0.89)

0.099

(1.22)

GBR

0.031 (0.96)

0.022 (0.82)

0.022

(0.87)

FRA

0.046 (0.81)

0.017 (0.54)

0.012

(0.30)

DEU

0.011 (0.14)

-0.009 (-0.20)

-0.059

(-1.75)

ITA

0.050 (1.32)

0.041 (1.10)

0.078

(1.59)

JPN

-0.031 (-0.45)

0.037 (0.45)

-0.055

(-0.99)

Note: the above figures are the parameter differences across models
and the numbers in parentheses are t-statistics.

Table 7: T-Tests for Equality of the ω0s

M2-M1

M3-M1

M4-M1

USA

-0.035 (-0.69)

-0.007 (-0.16)

0.053 (0.95)

CAN

0.016 (0.18)

0.017 (0.23)

0.035 (0.49)

GBR

0.004 (0.12)

0.022 (-0.03)

0.0009 (0.03)

FRA

0.005 (0.15)

0.002 (0.05)

0.003 (0.10)

DEU

-0.024 (-0.39)

-0.005 (-0.07)

-0.038 (-0.04)

ITA

0.022 (0.40)

0.036 (0.84)

0.100 (2.34)**

JPN

0.016 (0.24)

0.015 (0.25)

-0.012 (-0.24)

Note: the above figures are the parameter differences across models and
the numbers in parentheses are t-statistics.

Table 8: Wald Tests for ρ

P = 1

ρ = 0.33

USA

3.15

28.3*

CAN

0.005

0.26

GBR

2.73

0.42

FRA

0.34

0.70

DEU

0.54

0.46

ITA

0.37

5.27**

JPN

3.54

1.48

Note: the ab ove tests are distributed
χ2 (1). The critical values at the 1
and 5% levels are 6.63 and 3.84
respectively.

24



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