| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5628 |
| DP5628 Services, Economic Development and the Doha Round: Exploiting the Comparative Advantage of the WTO | |
| Aaditya Mattoo | |
| 发表日期 | 2006-04-11 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Calvo contracts, which are the basis of the current generation of New Keynesian models, widely include indexation to general inflation. We argue that the indexing formula should be expected inflation rather than lagged inflation. This optimises the welfare of the representative agent in a general equilibrium model of the New Keynesian type. This is shown analytically for a simplified model and by numerical simulation for a full model with price and wage contracts as well as capital. The consequence of such indexation is that monetary policy no longer has any effect on welfare. |
| 主题 | International Macroeconomics |
| 关键词 | New keynesian Calvo contracts Indexing |
| URL | https://cepr.org/publications/dp5628 |
| 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/534474 |
| 推荐引用方式 GB/T 7714 | Aaditya Mattoo. DP5628 Services, Economic Development and the Doha Round: Exploiting the Comparative Advantage of the WTO. 2006. |
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