Nominal Rigidities, Monetary Policy and Pigou Cycles

• 成果类型: Article
• 署名作者: Auray, Stephane; Gomme, Paul; Guo, Shen
• 署名单位: Concordia University - Canada; Central University of Finance & Economics
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12000
• 发表日期: 2013
• 页码: 455-473
• 关键词: sticky-price models; business-cycle; news

摘要

Capturing the boom phase of Pigou cycles and resolving the comovement problem require positive sectoral comovement. This article addresses these observations using a two-sector New Keynesian model. Price rigidities dampen movements in the relative price of durables following a monetary policy shock. Durables and non-durables are estimated to be complements in utility, allowing for a resolution of the comovement problem for modest degrees of price rigidity. Nominal rigidities also make firms forward-looking in their pricing behaviour, which leads to relative price dynamics that generate positive sectoral comovement in the boom phase of a Pigou cycle.