| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11568 |
| DP11568 The New Keynesian Wage Phillips Curve: Calvo vs. Rotemberg | |
| Benjamin Born; Johannes Pfeifer | |
| 发表日期 | 2016-10-09 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We systematically evaluate how to translate a Calvo wage duration into an implied Rotemberg wage adjustment cost parameter in medium-scale New Keynesian DSGE models by making use of the well-known equivalence of the two setups at first order. We consider a wide range of felicity functions and show that the assumed household insurance scheme and the presence of labor taxation greatly matter for this mapping, giving rise to differences of up to one order of magnitude. Our results account for the inclusion of wage indexing, habit formation in consumption, and the presence of fixed costs in production. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Wage phillips curve Wage stickiness Rotemberg Calvo |
| URL | https://cepr.org/publications/dp11568 |
| 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/540382 |
| 推荐引用方式 GB/T 7714 | Benjamin Born,Johannes Pfeifer. DP11568 The New Keynesian Wage Phillips Curve: Calvo vs. Rotemberg. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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