| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2929 |
| DP2929 Nominal Debt and the Dynamics of Currency Crises | |
| Giancarlo Corsetti; Bartosz Mackowiak | |
| 发表日期 | 2001-08-22 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper illustrates a model of predetermined pricing based on the work of Fischer (1977), where firms set a fixed schedule of nominal prices at the time of price readjustment. This type of price-setting specification cannot produce any excess persistence in a fixed duration model of staggered prices. But we show that with a probabilistic model of price adjustment, as in Calvo (1983), a predetermined pricing specification can produce excess persistence. Moreover, in response to a money shock, the aggregate dynamics are very similar to those under a specification of fixed prices, the assumption underlying most recent dynamic sticky-price models. |
| 主题 | International Macroeconomics |
| 关键词 | Sticky prices Predetermined prices Money shocks |
| URL | https://cepr.org/publications/dp2929 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531973 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Bartosz Mackowiak. DP2929 Nominal Debt and the Dynamics of Currency Crises. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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