The limits of the effectiveness of classical monetary policy in the conditions of validity of the neo-Keynesian theory

The thesis deals with the study of the effectiveness of monetary policy in different periods, using New Keynesian Phillips curve models (NKPC, HNKPC), depending on the quality of input data. The theoretical part of the thesis will describe in the first chapter the historical development of approaches to Phillips curve theory. In the second, the New Keynesian form of PC (NKPC, HNKPC) is derived theoretically. The last chapter of the theoretical passage provides a basic description of the monetary policy problem. In the practical section, a GMM model is constructed using data (OEC, EIA) for the United States, which we use as a basis for evaluating our two hypotheses, namely the secondary hypothesis that the method of estimating the output gap via the Kalman filter is more appropriate in terms of the NKPC and HNKPC models than via the Hodrick-Prescott filter. We use the better fitting model thus obtained to test the main hypothesis, namely that there are periods in the chosen model when the regression coefficient on the independent variable output gap will fall towards zero, for the selected economies of both the US and France. Finally, an assessment of the results of the thesis in Chapter 4 is made. The most fundamental question of the thesis is whether monetary policy is strong enough on its own to fully control inflation in the selected economies in any given period.