| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5725 |
| DP5725 Does Information Help Recovering Structural Shocks from Past Observations? | |
| Lucrezia Reichlin; Domenico Giannone | |
| 发表日期 | 2006-06-16 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are highly complementary in generating monetary persistence. We do so by proposing the new measure "quantitative persistence," after discussing weaknesses of the "contract multiplier," which is generally used to compare persistence. The existence of complementarities means that beyond understanding how wage and price staggering work in isolation, it is important to explore their interactions. Furthermore, our analysis indicates that the degree of monetary persistence generated by wage vis-à-vis price staggering depends on the relative competitiveness of the labour and product markets. We show that the conventional wisdom that wage staggering can generate more persistence than price staggering does not necessarily hold. |
| 主题 | International Macroeconomics |
| 关键词 | Monetary persistence Price staggering Wage staggering monetary policy |
| URL | https://cepr.org/publications/dp5725 |
| 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/534557 |
| 推荐引用方式 GB/T 7714 | Lucrezia Reichlin,Domenico Giannone. DP5725 Does Information Help Recovering Structural Shocks from Past Observations?. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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