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01427nam a2200229Ia 4500 |
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10.1111-jmcb.12494 |
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220706s2018 CNT 000 0 und d |
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|a 00222879 (ISSN)
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| 245 |
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|a How Robust Are Popular Models of Nominal Frictions?
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|b Blackwell Publishing Inc.
|c 2018
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|z View Fulltext in Publisher
|u https://doi.org/10.1111/jmcb.12494
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|a We consider alternative combinations of nominal price and wage frictions in dynamic stochastic general equilibrium models fit to U.S. data. Since inflation was unanchored in the 1970s, we divide the data into early, middle, and late samples (1955–68, 1969–79, and 1983–2007, respectively). We find that prices are reoptimized more frequently and exhibit greater indexation to past inflation in the middle sample than in the other two samples, while wages are reoptimized with increasing frequency and display less evidence of indexation over time. Differences in price and wage setting across samples have important implications for the economy's response to key shocks. © Published 2018. This article is a U.S. Government work and is in the public domain in the USA.
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|a C51
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|a E31
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|a E32
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|a E52
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|a sticky information
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|a sticky prices
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|a sticky wages
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|a Keen, B.D.
|e author
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|a Koenig, E.F.
|e author
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| 773 |
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|t Journal of Money, Credit and Banking
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