論文

査読有り
2010年8月

INTEGRATING STICKY PRICES AND STICKY INFORMATION

REVIEW OF ECONOMICS AND STATISTICS
  • Bill Dupor
  • ,
  • Tomiyuki Kitamura
  • ,
  • Takayuki Tsuruga

92
3
開始ページ
657
終了ページ
669
記述言語
英語
掲載種別
研究論文(学術雑誌)
DOI
10.1162/REST_a_00017
出版者・発行元
MIT PRESS

Understanding the relationship between nominal and real variables, most notably inflation and cyclical output, is one of the fundamental questions of economics. Toward this understanding, we develop a model that integrates sticky prices and sticky information-a dual-stickiness model. We find that both rigidities are present in U. S. data. We also show that the dual-stickiness model's closest competitor is the hybrid New Keynesian model. For both models, current inflation depends in part on last period's inflation. The former model achieves this dependence endogenously through the interaction of the two rigidities rather than through backward-looking behavior. U.S. data support the dual-stickiness model over the hybrid model because lagged expectations terms appear in the former's inflation Euler equation. Finally, we show that it is quantitatively important to distinguish between the two by simulating a dynamic equilibrium model under each of the two inflation equations.

リンク情報
DOI
https://doi.org/10.1162/REST_a_00017
Web of Science
https://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcAuth=JSTA_CEL&SrcApp=J_Gate_JST&DestLinkType=FullRecord&KeyUT=WOS:000279729000016&DestApp=WOS_CPL
ID情報
  • DOI : 10.1162/REST_a_00017
  • ISSN : 0034-6535
  • Web of Science ID : WOS:000279729000016

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