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来源类型Working Paper
规范类型报告
DOI10.3386/w19886
来源IDWorking Paper 19886
Is Increased Price Flexibility Stabilizing? Redux
Saroj Bhattarai; Gauti Eggertsson; Raphael Schoenle
发表日期2014-02-06
出版年2014
语种英语
摘要We study the implications of increased price flexibility on output volatility. In a simple DSGE model, we show analytically that more flexible prices always amplify output volatility for supply shocks and also amplify output volatility for demand shocks if monetary policy does not respond strongly to inflation. More flexible prices often reduce welfare, even under optimal monetary policy if full efficiency cannot be attained. We estimate a medium-scale DSGE model using post-WWII U.S. data. In a counterfactual experiment we find that if prices and wages are fully flexible, the standard deviation of annualized output growth more than doubles.
主题Macroeconomics ; Business Cycles ; Monetary Policy
URLhttps://www.nber.org/papers/w19886
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/577559
推荐引用方式
GB/T 7714
Saroj Bhattarai,Gauti Eggertsson,Raphael Schoenle. Is Increased Price Flexibility Stabilizing? Redux. 2014.
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