文章基本信息

标题：Firm-specific production factors in a DSGE model with Taylor price setting
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作者：Gregory de Walque ; Frank Smets ; Raf Wouters 等
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：2006
出版社：European Central Bank
摘要：This paper compares the Calvo model with a Taylor contracting model in the con- text of the Smets-Wouters (2003) Dynamic Stochastic General Equilibrium (DSGE) model. In the Taylor price setting model, we introduce rm-specic production fac- tors and discuss how this assumption can help to reduce the estimated nominal price stickiness. Furthermore, we show that a Taylor contracting model with rm-specic capital and sticky wage and with a relatively short price contract length of four quarters is able to outperform, in terms of empirical t, the standard Calvo model with homogeneous production factors and high nominal price stickiness. In order to obtain this result, we need very large real rigidities either in the form of a huge (constant) elasticity of substitution between goods or in the form of an elasticity of substitution that is endogenous and very sensitive to the relative price.
关键词：ination persistence; DSGE models