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| Tekijä: | Mankiw, N.G. Reis, R. |
| Otsikko: | Sticky information in general equilibrium |
| Lehti: | Journal of the European Economic Association
2007 : APR/MAY, VOL. 5:2-3, p. 603-613 |
| Asiasana: | equilibrium analysis consumption research market theory econometric models USA |
| Kieli: | eng |
| Tiivistelmä: | In this study, a general-equilibrium model with sticky information is developed and analyzed. The only rigidity in goods, labour, and financial markets is that agents are inattentive, updating their information sets, when setting prices, wages, and consumption. This paper develops an algorithm to solve this class of models, using it to study the model's dynamic properties. Using U.S. data on five key macroeconomic time series, the parameters of the model are estimated. It is found that information stickiness is present in all markets, being especially pronounced for consumers and workers etc. |
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