منابع مشابه
Sticky Prices vs . Sticky Information
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متن کاملOptimal 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 ...
متن کاملSticky Demand vs. Sticky Prices
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...
متن کاملSticky Prices, Sticky Information or Rational Inattention? Evaluating Microfoundations
This paper evaluates competing sets of microfoundations on firms’ price-setting behaviour widely used in monetary economics. The contribution of this project is twofold. The first contribution is to use as inflation driver a relevant measure of marginal cost from wage microdata. To that end, I calculate the User Cost of Labor as in Basu and House (2016) for the first time in a different dataset...
متن کاملSticky Prices and Indeterminacy
The aim of the present paper is to analyze the link between price rigidity and indeterminacy. This is done within a cash-in-advance economy from which we know that it exhibits indeterminacy at high degrees of relative risk aversion. I Þnd that price stickiness reduces the scope of these sunspot equilibria: sluggish price adjustment requires degrees of relative risk aversion compatible with inde...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2007
ISSN: 0304-3932
DOI: 10.1016/j.jmoneco.2007.06.003