Generalised Taylor and Generalised Calvo Price and Wage Setting: Micro-evidence with Macro Implications

• 成果类型: Article
• 署名作者: Dixon, Huw; Le Bihan, Herve
• 署名单位: Cardiff University; European Central Bank; Bank of France
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2012.02497.x
• 发表日期: 2012
• 页码: 532-554
• 关键词: inflation persistence; trend inflation; rigidities; facts

摘要

The Generalised Calvo and the Generalised Taylor models of price and wage setting are, unlike the standard Calvo and Taylor counterparts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro-data from a major euro area economy (France), we develop calibrated versions of these models. We assess the consequences for monetary policy transmission by embedding these calibrated models in a standard dynamic stochastic general equilibrium model. The Generalised Taylor model is found to help rationalise the hump-shaped and persistent response of inflation, without resorting to the counterfactual assumption of systematic wage and price indexation.