| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10889 |
| 来源ID | Working Paper 10889 |
| The Cost of Nominal Inertia in NNS Models | |
| Matthew B. Canzoneri; Robert E. Cumby; Behzad T. Diba | |
| 发表日期 | 2004-11-08 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We calculate the welfare cost of nominal inertia in a New Neoclassical Synthesis model with wage and price stickiness, capital formation, and empirically estimated rules for government spending and the cental bank's interest rate policy. We calibrate our model to U.S. data, and we show that it captures many aspects of the U.S. business cycle. Moreover, our model is capable of generating the kind of volatility that has been observed in the efficiency gaps emphasized by Erceg, Henderson and Levin (2000) and Gali, Gertler and Lopez-Salido (2002). We also highlight some of the empirical shortcomings of the model; in particular, demand side shocks appear to be either missing or improperly modeled. We calculate the cost of nominal inertia under two specifications of monetary policy. The bottom line is that, under our preferred specification of monetary policy, the model implies a conservative estimate of the cost that is twenty to sixty times larger than Lucas's (2003) estimate: the "average" household in our model would be willing to give up one to three percent of consumption each period to be free of the effects of wage and price stickiness. Wage inertia appears to be the major source of these welfare costs. |
| 主题 | Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w10889 |
| 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/568524 |
| 推荐引用方式 GB/T 7714 | Matthew B. Canzoneri,Robert E. Cumby,Behzad T. Diba. The Cost of Nominal Inertia in NNS Models. 2004. |
| 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 | ||
| w10889.pdf（249KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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