Nominal rigidities and the dynamic effects of a shock to monetary policy

• 成果类型: Article
• 署名作者: Christiano, LJ; Eichenbaum, M; Evans, CL
• 署名单位: National Bureau of Economic Research; Northwestern University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/426038
• 发表日期: 2005
• 页码: 1-45
• 关键词: business-cycle; staggered wage; interest-rates; price; money; persistence; inflation; COSTS; MODEL

摘要

We present a model embodying moderate amounts of nominal rigidities that accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts that have an average duration of three quarters and variable capital utilization.