The elusive persistence: Wage and price rigidities, the Phillips curve, and inflation dynamics

Autor:	Tsoukis, Chris, Kapetanios, George, Pearlman, Joseph
Jazyk:	angličtina
Rok vydání:	2007
Předmět:	General Relativity and Quantum Cosmology Preisrigidität Volatilität New-Keynesian Phillips Curve Phillips curve Price stickiness ddc:330 Inflation rigidity Inflation E31 Theorie E32 Lohnrigidität
Popis:	We review the main New Keynesian inflation equations that have arisen as a result of aggregation from individual firms' price rigidities. We find that, on the whole, they cannot account for inflation persistence, a key feature of the empirical dynamics of inflation, and with important policy implications. The only exception seems to be when price stickiness is combined with wage rigidity and staggering.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=od______1687::1add85b8c92eb9564e51463a0ac4a6b9 https://hdl.handle.net/10419/62929 Zobrazit plný text záznamu