| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5804 |
| 来源ID | Working Paper 5804 |
| Sticky Price and Limited Participation Models of Money: A Comparison | |
| Lawrence J. Christiano; Martin Eichenbaum; Charles L. Evans | |
| 发表日期 | 1996-10-01 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | This paper provides new evidence that models of the monetary transmission mechanism should be consistent with at least the following facts. In response to a contractionary monetary policy shock, the aggregate price level responds very little, aggregate output falls, interest rates initially rise, real wages decline, though by a modest amount, and profits fall. The paper argues that neither sticky price nor limited participation models can convincingly account for these facts. The key failing of the sticky price model is that it implies profits rise after a contractionary monetary policy shock. This finding is robust to a variety of perturbations of the benchmark sticky price model that we consider. In contrast, the limited participation model can account for all of the facts mentioned above. But it can do so only if one is willing to assume a high labor supply elasticity (2) and a high average markup (40%). The shortcomings of both models reflect the absence of other frictions, such as wage contracts, which dampen movements in the marginal cost of production after a monetary policy shock. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w5804 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563293 |
| 推荐引用方式 GB/T 7714 | Lawrence J. Christiano,Martin Eichenbaum,Charles L. Evans. Sticky Price and Limited Participation Models of Money: A Comparison. 1996. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5804.pdf（2655KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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