Sticky information versus sticky prices: A proposal to replace the new Keynesian Phillips curve

• 成果类型: Article
• 署名作者: Mankiw, NG; Reis, R
• 署名单位: Harvard University
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1162/003355302320935034
• 发表日期: 2002
• 页码: 1295-1328
• 关键词: monetary-policy; menu costs; inflation; disinflation; DYNAMICS; MODEL

摘要

This paper examines a model of dynamic price adjustment based on the assumption that information disseminates slowly throughout the population. Compared with the commonly used sticky-price model, this sticky-information model displays three related properties that are more consistent with accepted views about the effects of monetary policy. First, disinflations are always contractionary (although announced disinflations are less contractionary than surprise ones). Second, monetary policy shocks have their maximum impact on inflation with a substantial delay, Third, the change ininflation is positively correlated with the level of economic activity.