کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5098105 | 1478672 | 2016 | 46 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The inflation bias under Calvo and Rotemberg pricing
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: The inflation bias under Calvo and Rotemberg pricing The inflation bias under Calvo and Rotemberg pricing](/preview/png/5098105.png)
چکیده انگلیسی
New Keynesian analysis relies heavily on two workhorse models of nominal inertia - due to Calvo (1983) and Rotemberg (1982), respectively - to generate a meaningful role for monetary policy. These are often used interchangeably since they imply an isomorphic linearized Phillips curve and, if the steady-state is efficient, the same policy conclusions. In this paper we compute time-consistent optimal monetary policy in the benchmark New Keynesian model containing each form of price stickiness using global solution techniques. We find that, due to an offsetting endogenous impact on average markups, the inflation bias problem under Calvo contracts is often significantly greater than under Rotemberg pricing, despite the fact that the former typically exhibits far greater welfare costs of inflation. The nonlinearities inherent in the New Keynesian model are significant and the form of nominal inertia adopted is not innocuous.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 73, December 2016, Pages 283-297
Journal: Journal of Economic Dynamics and Control - Volume 73, December 2016, Pages 283-297
نویسندگان
Campbell Leith, Ding Liu,