首页    期刊浏览 2024年12月11日 星期三
登录注册

文章基本信息

  • 标题:Sticky-Price Models and the Natural Rate Hypothesis
  • 本地全文:下载
  • 作者:Javier Andrés ; J. David López-Salido y Edward Nelson
  • 期刊名称:Documentos de Trabajo / Banco de España
  • 印刷版ISSN:0213-2710
  • 电子版ISSN:1579-8666
  • 出版年度:2005
  • 卷号:1
  • 出版社:Banco de España
  • 摘要:

    A major criticism of standard specifications of price adjustment in models for monetary policy analysis is that they violate the natural rate hypothesis by allowing output to differ from potential in steady state. In this paper we estimate a dynamic optimizing business cycle model whose price-setting behavior satisfies the natural rate hypothesis. The priceadjustment specifications we consider are the sticky-information specification of Mankiw and Reis (2002) and the indexed contracts of Christiano, Eichenbaum, and Evans (2005). Our empirical estimates of the real side of the economy are similar whichever price adjustment specification is chosen. Consequently, the alternative model specifications deliver similar estimates of the U.S. output gap series, but the empirical behavior of the gap series differs substantially from standard gap estimates.

国家哲学社会科学文献中心版权所有