Generalized Taylor and Generalized Calvo Price and Wage-Setting : Micro Evidence with Macro Implications

The Generalized Calvo and the Generalized Taylor model of price and wage-setting are, unlike the standard Calvo and Taylor counterparts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro-data from a major euro-area economy (France), we develop calibrated versions of these models. We assess the consequences for monetary policy transmission by embedding these calibrated models in a standard DSGE model. The Generalized Taylor model is found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of systematic wage and price indexation

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Year of publication:	2011
Authors:	Dixon, Huw
Other Persons:	Le Bihan, Hervé (contributor)
Publisher:	[2011]: [S.l.] : SSRN
Subject:	Theorie \| Theory \| Geldpolitik \| Monetary policy \| Inflation \| Dynamisches Gleichgewicht \| Dynamic equilibrium \| Preismanagement \| Pricing strategy \| Geldpolitische Transmission \| Monetary transmission \| Lohnbildung \| Wage setting \| Frankreich \| France \| Modellierung \| Scientific modelling

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