全球智库信息集成服务系统(G2TT): A Phillips Curve with an Ss Foundation

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w11971
来源ID	Working Paper 11971
	A Phillips Curve with an Ss Foundation
	Mark Gertler; John Leahy
发表日期	2006-01-23
出版年	2006
语种	英语
摘要	We develop an analytically tractable Phillips curve based on state-dependent pricing. We differ from the existing literature by considering a local approximation around a zero inflation steady state and introducing idiosyncratic shocks. The resulting Phillips curve is a simple variation of the conventional time-dependent Calvo formulation, but with some important differences. First, the model is able to match the micro evidence on both the magnitude and timing of price adjustments. Second, holding constant the frequency of price adjustment, our state-dependent model exhibits greater flexibility in the aggregate price level than does the time-dependent model. On the other hand, with real rigidities present, our state-dependent pricing framework can exhibit considerable nominal stickiness, of the same order by a conventional time-dependent model.
主题	Macroeconomics ; Macroeconomic Models ; Business Cycles
URL	https://www.nber.org/papers/w11971
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/569622
推荐引用方式 GB/T 7714	Mark Gertler,John Leahy. A Phillips Curve with an Ss Foundation. 2006.