全球智库信息集成服务系统(G2TT): Inflation, Output, and Markup Dynamics with Forward-Looking Wage and Price Setters

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21599
来源ID	Working Paper 21599
	Inflation, Output, and Markup Dynamics with Forward-Looking Wage and Price Setters
	Louis Phaneuf; Eric R. Sims; Jean Gardy Victor
发表日期	2015-09-28
出版年	2015
语种	英语
摘要	We formulate a medium-scale DSGE model that emphasizes a strong interplay between a roundabout production structure and a working capital channel that requires firms to borrow funds to finance the costs of all their variable inputs and not just the wage bill. Despite an absence of backward-looking price and wage indexation, our model is able to account for (i) a persistent and hump-shaped response of inflation to a monetary policy shock, (ii) a large and persistent response of output to a monetary policy shock, (iii) a mild "price puzzle," (iv) a procyclical price markup conditional on a monetary shock, (v) non-inertial responses of inflation to non-monetary shocks, and (vi) a negative unconditional autocorrelation of the first difference of inflation that is consistent with the data. A medium-scale model relying on backward indexation of wages and prices to past inflation fails along several of these dimensions.
主题	Macroeconomics ; Macroeconomic Models ; Money and Interest Rates
URL	https://www.nber.org/papers/w21599
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/579274
推荐引用方式 GB/T 7714	Louis Phaneuf,Eric R. Sims,Jean Gardy Victor. Inflation, Output, and Markup Dynamics with Forward-Looking Wage and Price Setters. 2015.