Optimal Inflation, Average Markups and Asymmetric Sticky Prices
نویسندگان
چکیده
منابع مشابه
Optimal Monetary Policy under Sticky Prices and Sticky Information∗
A wrong model can lead to a wrong conclusion. The failure to capture inflation dynamics has made the standard New Keynesian framework of monetary policy analysis prone to such a critique. In this paper, we investigate optimal monetary policy using a model that can capture the observed inflation persistence. The model, which we call the dual stickiness model, integrates sticky prices and sticky ...
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The working papers published in the Series constitute work in progress circulated to stimulate discussion and critical comments. Views expressed represent exclusively the authors' own opinions and do not necessarily refl ect those of the editors. Die Deutsche Bibliothek verzeichnet diese Publikation in der deutschen National-bibliografi e; detaillierte bibliografi sche Daten sind im Internet üb...
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FEMES2006, seminar participants at the Universities of Auckland, Otago and Manchester, for useful comments, with particular thanks to Peter Phillips and Donggyu Sul for their constructive suggestions. All responsibility for errors and omissions lies, however, with the authors. Abstract The New Keynesian Phillips Curve (NKPC) model of inflation dynamics based on forward-looking expectations is o...
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This paper compares sticky-price and sticky-information Phillips curves empirically considering inflation dynamics in eleven countries (the G7 and Scandinavia). We evaluate the models‘ abilities to match empirical second moments of inflation. Although overall model performance is similar, there is a strong systematic pattern in model performance by moment type. Sticky prices match unconditional...
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Sticky demand – sticky nominal spending – acts as a substitute for sticky prices. In an inventorytheoretic model of the demand for money, monetary injections are offset by endogenous movements in velocity that keep nominal spending flat. When embedded in a sticky price model, this reduces the model’s reliance on implausibly large amounts of exogenous stickiness. For example: 6 months asset mark...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2018
ISSN: 1556-5068
DOI: 10.2139/ssrn.3128306