| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5269 |
| DP5269 Internet Security, Vulnerability Disclosure and Software Provision | |
| Chaim Fershtman; Neil Gandal; Jay Pil Choi | |
| 发表日期 | 2005-10-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | After a brief review of the main differences between New and Old Keynesian economics from the 1960s this paper focuses on a tension between traditional sluggish measures of potential output commonly used by policy-makers and the New Keynesian (NK) notion of this variable which conceptualizes it as the level of output that would have been produced under perfect competition had all prices and wages been flexible. The paper shows that, under monopolistic competition, NK potential output is often more volatile than the level of output produced under sticky prices and wages implying either of the following. Real life policy-makers mistakenly target smooth versions of output or (since actual economies are monopolistically rather than perfectly competitive) the flexible price and wage equilibrium does not necessarily maximize welfare. The paper shows, that depending on the shape of the utility function and of the distribution of productivity shocks either case is possible and proposes a criterion for discriminating between them. |
| 主题 | International Macroeconomics |
| 关键词 | Relative variability of actual and potential output under flexible versus sticky prices and wages Welfare ranking of sticky versus flexible prices and wages under monopolistic competition |
| URL | https://cepr.org/publications/dp5269 |
| 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/534148 |
| 推荐引用方式 GB/T 7714 | Chaim Fershtman,Neil Gandal,Jay Pil Choi. DP5269 Internet Security, Vulnerability Disclosure and Software Provision. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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