کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7349532 | 1476601 | 2018 | 30 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
A reevaluation of the macroeconomic effects of positive trend inflation
ترجمه فارسی عنوان
یک ارزیابی مجدد از اثرات اقتصاد کلان تورم مثبت
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کلمات کلیدی
دوباره ارزیابی، اثرات اقتصاد کلان، مدل کینزی جدید، تورم روند کوتاه مدت، پرونده های طولانی مدت، اصطلاحات واقعی،
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
To date, most of the papers which have examined the effects of trend inflation on the properties of New Keynesian model were based on relatively simple sticky-prices DSGE models and whose realism was sometimes questionable. In this paper, we re-evaluate the macroeconomic effects of non-zero trend inflation. Building on the model of Ascari (2004) as one of the most-cited papers in the literature on the effects of trend inflation, we show that the omission of some important theoretical ingredients significantly distorts the results obtained to date. We propose a refinement of this model by introducing two theoretical important ingredients, namely investment adjustment costs, and a roundabout production structure. Once we add these features to make the model more realistic, as commonly for medium-scale models, we find that the standard New Keynesian model without real frictions overestimates the short-term macroeconomic effects of a positive trend inflation rate and underestimates those of the long term.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economics Letters - Volume 162, January 2018, Pages 116-123
Journal: Economics Letters - Volume 162, January 2018, Pages 116-123
نویسندگان
Salaheddine El Omari,