Endogenous nominal rigidities and monetary policy
成果类型：
Article
署名作者：
Kimura, Takeshi; Kurozumi, Takushi
署名单位：
Bank of Japan
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2010.10.001
发表日期：
2010
页码：
1038-1048
关键词：
摘要：
Recent empirical research finds that the degree of nominal rigidities vanes over monetary policy regimes This implies that monetary policy analysis with exogenously given nominal rigidities is subject to the Lucas critique We allow firms to choose the probability of price adjustment in a Calvo-style sticky price model and analyze how this probability changes according to an inflation coefficient of the Taylor rule The model shows that a more aggressive monetary policy response to inflation makes firms less likely to reset prices and gives the resulting New Keynesian Phillips curve a flatter slope and a smaller disturbance as observed during the Volcker-Greenspan era Also such a policy response can stabilize both inflation and the output gap by exploiting the feedback effects of this policy response on firms price-setting These results offer theoretical support for the good policy hypothesis about the Great Moderation (C) 2010 Elsevier B V All rights reserved
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