Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy

We present a model embodying moderate amounts of nominal rigidities which accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts of average duration three quarters, and variable capital utilization

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Year of publication:	2007
Authors:	Christiano, Lawrence J. ; Eichenbaum, Martin ; Evans, Charles L.
Publisher:	[S.l.] : SSRN
Subject:	Schätzung \| Estimation \| Schock \| Shock \| Geldpolitik \| Monetary policy \| Theorie \| Theory \| Lohnrigidität \| Wage rigidity \| Preisrigidität \| Price stickiness \| Inflation \| Bruttoinlandsprodukt \| Gross domestic product

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Extent:	1 Online-Ressource (48 p)
Series:	FRB of Chicago Working Paper ; No. 2001-08
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 2001 erstellt
Other identifiers:	10.2139/ssrn.284956 [DOI]
Classification:	D1 - Household Behavior and Family Economics ; E21 - Consumption; Saving ; E3 - Prices, Business Fluctuations, and Cycles ; E4 - Money and Interest Rates ; E5 - Monetary Policy, Central Banking and the Supply of Money and Credit ; J12 - Marriage; Marital Dissolution; Family Structure
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014125007