| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17473 |
| DP17473 New Pricing Models, Same Old Phillips Curves? | |
| Adrien Auclert; Rodolfo Rigato; Matthew Rognlie; Ludwig Straub | |
| 发表日期 | 2022-07-14 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We show that, in a broad class of menu cost models, the dynamics of aggregate inflation in response to arbitrary shocks to aggregate costs are nearly the same as in Calvo models with suitably chosen Calvo adjustment frequencies. We first prove that the canonical menu cost model is first-order equivalent to a mixture of two time-dependent models, which reflect the extensive and intensive margins of price adjustment. We then show numerically that, in any plausible parameterization, this mixture is well-approximated by a single Calvo model. This close numerical fit carries over to other standard specifications of menu cost models. Thus, the Phillips curve for a menu cost model looks like the New Keynesian Phillips curve, but with a higher slope. |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp17473 |
| 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/546566 |
| 推荐引用方式 GB/T 7714 | Adrien Auclert,Rodolfo Rigato,Matthew Rognlie,et al. DP17473 New Pricing Models, Same Old Phillips Curves?. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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