haku: @author Andersen, T. M. / yhteensä: 5
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| Tekijä: | Andersen, T. M. |
| Otsikko: | Persistency in sticky price models |
| Lehti: | European Economic Review
1998 : MAY, VOL. 42:3-5, p. 593-603 |
| Asiasana: | PRICES PAY MODELS |
| Kieli: | eng |
| Tiivistelmä: | Nominal rigidities imply that nominal shocks have an impact effect which may be propagated by standard mechanisms. However, the nominal adjustment process may in itself be a propagation mechanism causing persistent effects of nominal shocks. This may be caused by inertia in nominal wage and price adjustment arising due to input-output networks or multi-period nominal contracting as captured in models with staggered price / wage decisions. The paper reviews the theory and empirical evidence. It is concluded that staggering may be a quantitative important propagation mechanism. |
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