| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13690 |
| DP13690 Resolving the Missing Deflation Puzzle | |
| Jesper Linde; Mathias Trabandt | |
| 发表日期 | 2019-04-23 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We propose a resolution of the missing deflation puzzle. Our resolution stresses the importance of nonlinearities in price- and wage-setting when the economy is exposed to large shocks. We show that a nonlinear macroeconomic model with real rigidities resolves the missing deflation puzzle, while a linearized version of the same underlying nonlinear model fails to do so. In addition, our nonlinear model reproduces the skewness of inflation and other macroeconomic variables observed in post-war U.S. data. All told, our results caution against the common practice of using linearized models to study inflation and output dynamics. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Great recession Inflation dynamics Liquidity trap Zero lower bound Linearized model solution Nonlinear model solution Strategic complementarities Real rigidities |
| URL | https://cepr.org/publications/dp13690 |
| 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/542550 |
| 推荐引用方式 GB/T 7714 | Jesper Linde,Mathias Trabandt. DP13690 Resolving the Missing Deflation Puzzle. 2019. |
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