کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5099370 1377003 2011 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Calvo vs. Rotemberg in a trend inflation world: An empirical investigation
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
Calvo vs. Rotemberg in a trend inflation world: An empirical investigation
چکیده انگلیسی

This paper estimates and compares New-Keynesian DSGE monetary models of the business cycle derived under two different pricing schemes-Calvo (1983) and Rotemberg (1982)-under a positive trend inflation rate. Our empirical findings (i) support trend inflation as an empirically relevant feature of the U.S. great moderation; (ii) provide evidence in favor of the statistical superiority of the Calvo setting; (iii) point to a substantially lower degree of price indexation under Calvo. We show that the superiority of the Calvo model is due to the restrictions imposed by such a pricing scheme on the aggregate demand equation.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 35, Issue 11, November 2011, Pages 1852-1867
نویسندگان
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