Firm-Specific Capital, Nominal Rigidities and the Business Cycle
نویسندگان
چکیده
منابع مشابه
Firm-specific capital, nominal rigidities, and the Taylor principle
In the presence of firm-specific capital the Taylor principle can generate multiple equilibria. Sveen and Weinke (2005b) obtain that result in the context of a Calvo-style sticky price model. One potential criticism is that the price stickiness which is needed for our theoretical result to be relevant from a practical point of view is somewhat to the high part of available empirical estimates. ...
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0 Wi,thi,tdi+Rt−1Bt−1 −Bt +Dt, where Et is the expectation operator conditional on the time t information set of the representative household, β is the discount factor, C is the composite consumption good, b ≥ 0 is a habit persistence parameter in consumption, hi,t denotes hours worked of type i, ψL ≥ 0 is a parameter, P is the composite price index defined below, Wi,t time t nominal wage for l...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2006
ISSN: 1556-5068
DOI: 10.2139/ssrn.666822