文章基本信息

标题：Welfare implications of Calvo vs. Rotemberg pricing assumptions
本地全文：下载
作者：Giovanni Lombardo ; David Vestin
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2007
卷号：1
出版社：European Central Bank
摘要：This paper compares the welfare implications of two widely used pricing assumptions in the New-Keynesian literature: Calvo-pricing vs. Rotemberg- pricing. We show that despite the strong similarities between the two assump- tions to a first order of approximation, in general they might entail different welfare costs at higher order of approximation. In the special case of non- distorted steady state, the two pricing assumptions imply identical welfare losses to a second order of approximation
关键词：Calvo price adjustment; Rotemberg price adjustment; welfare;inflation; second-order approximation.