| 来源类型 | Discussion paper
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| 规范类型 | 论文
|
| 来源ID | DP5987
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| DP5987 Licensing Complementary Patents and Vertical Integration |
| Klaus Schmidt
|
| 发表日期 | 2006-12-03
|
| 出版年 | 2006
|
| 语种 | 英语
|
| 摘要 | This article is related to the large recent literature on Phillips curves in sticky- price equilibrium models. It differs in allowing for the degree of price stickiness to be determined endogenously. A closed-form solution for short-term inflation is derived from the dynamic stochastic general equilibrium (DSGE) model with state-dependent pricing developed by Dotsey, King and Wolman. This generalized Phillips curve encompasses the New Keynesian Phillips curve (NKPC) based on Calvo-type price-setting as a special case. It describes current inflation as a function of lagged inflation, expected future inflation, current and expected future real marginal costs, and current and past variations in the distribution of price vintages. We find that current inflation depends positively on its own lagged values giving rise to intrinsic persistence as a source of inflation persistence. Also, we find that the state-dependent terms (that is, the variations in the distribution of price vintages) tend to counteract the contribution of lagged inflation to inflation persistence. |
| 主题 | International Macroeconomics
|
| 关键词 | State-dependent pricing
Inflation dynamics
Phillips curve
|
| URL | https://cepr.org/publications/dp5987
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534823
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推荐引用方式
GB/T 7714 |
Klaus Schmidt. DP5987 Licensing Complementary Patents and Vertical Integration. 2006.
|
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