The Phillips curve under state-dependent pricing

• 成果类型: Article
• 署名作者: Bakhshi, Hasan; Khan, Hashmat; Rudolf, Barbara
• 署名单位: Swiss National Bank (SNB); Carleton University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2007.07.001
• 发表日期: 2007
• 页码: 2321-2345
• 关键词: state-dependent pricing; inflation dynamics; Phillips curve

摘要

We derive a Phillips curve equation from the dynamic stochastic general equilibrium (DSGE) model with state-dependent pricing developed by Dotsey et al. [1999. State-dependent pricing and the general equilibrium dynamics of money and output. Quarterly Journal of Economics 114, 655-690]. This state-dependent Phillips curve encompasses the new Keynesian Phillips curve (NKPC) based on Calvo-type price setting as a special case. We analyze the effect of the state-dependent terms (that is, the variations in the distributions of price vintages) on inflation persistence, and we examine whether the hybrid NKPC (that is, the NKPC extended by a lagged inflation term) can adequately describe inflation dynamics generated in a calibrated state-dependent pricing economy. (c) 2007 Elsevier B.V. All rights reserved.