| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w14163
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| 来源ID | Working Paper 14163
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| Reconsideration of the P-Bar Model of Gradual Price Adjustment |
| Bennett T. McCallum
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| 发表日期 | 2008-07-15
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| 出版年 | 2008
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| 语种 | 英语
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| 摘要 | This paper compares the P-bar model of price adjustment with the currently dominant Calvo specification. Theoretically, the P-bar model is more attractive as it depends upon adjustment costs for physical quantities rather than nominal prices, while incorporating a one-period information lag. Furthermore, the resulting adjustment relation is more completely free of "money illusion," in terms of dynamic relationships, and therefore satisfies the natural rate hypothesis of Lucas (1972), which is not satisfied by the Calvo model in any of its variants. Along the way, it shows that both the P-bar and Calvo models can be formulated in distinct versions in which current real wages are, or are not, allocative. Quantitatively, for a given calibration of the demand parameters, the implied time series properties of the inflation rate, output gap, and nominal interest rate are determined for various policy parameters, and are compared with quarterly data for the U.S. economy. Neither model dominates but, overall, the comparison seems somewhat more favorable to the P-bar model and certainly does not provide support for the dominant position held by the Calvo model in current monetary policy analysis. |
| 主题 | Macroeconomics
; Business Cycles
; Monetary Policy
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| URL | https://www.nber.org/papers/w14163
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571837
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推荐引用方式
GB/T 7714 |
Bennett T. McCallum. Reconsideration of the P-Bar Model of Gradual Price Adjustment. 2008.
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文件名：
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w14163.pdf
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格式：
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Adobe PDF
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