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NEW PRICING MODELS, SAME OLD PHILLIPS CURVES?
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DOI：10.1093/qje/qjad041.png)
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摘要
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We show that in a broad class of menu cost models, the first-order dynamics of aggregate inflation in response to arbitrary shocks to aggregate costs are nearly the same as in Calvo models with suitably chosen Calvo adjustment frequencies. We first prove that the canonical menu cost model is first-order equivalent to a mixture of two time-dependent models, which reflect the extensive and intensive margins of price adjustment. We then show numerically that in any plausible parameterization, this mixture is well approximated by a single Calvo model. This close numerical fit carries over to other standard specifications of menu cost models. Thus, for shocks that are not too large, the Phillips curve for a menu cost model looks like the New Keynesian Phillips curve, but with a higher slope.
Keyword:
MENU COST
MONETARY NONNEUTRALITY
INFLATION PERSISTENCE
AGGREGATE DYNAMICS
TREND INFLATION
PRICES
SHOCKS
MONEY
ADJUSTMENT
POLICY
期刊
IF:
12.7
论文数:
1.2K
被引数:
4.1W
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分享收藏Monetary Policy, Trend Inflation, and the Great Moderation: An Alternative Interpretation货币政策、趋势通胀与大缓和: 另一种解释.png)
AMERICAN ECONOMIC REVIEW
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AMERICAN ECONOMIC REVIEWIF11.6
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