STAGGERED PRICES IN A UTILITY-MAXIMIZING FRAMEWORK
STAGGERED PRICES IN A UTILITY-MAXIMIZING FRAMEWORK
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DOI：
10.1016/0304-3932(83)90060-0
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发表时间：
1983-01-01
影响因子：
4.1
通讯作者：
CALVO, GA
中科院分区：
文献类型：
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作者：
CALVO, GA
我们建立了一个沿着Phelps（1978）和Taylor（1979，1980）的路线的交错价格模型，但使用了一种分析上更容易处理的价格设定技术。“需求”来自效用最大化假设Sidrauski-Brock无限寿命的家庭。我们表明，平衡路径的性质，可以发现的基础上，基本上图形技术。此外，我们通过分析货币和财政政策的福利含义，并通过显示，尽管价格水平是一个预定的变量，钉住名义利率的政策将导致一个连续的均衡的存在证明模型的有用性。
We develop a model of staggered prices along the lines of Phelps (1978) and Taylor (1979, 1980), but utilizing an analytically more tractable price-setting technology. ‘Demands’ are derived from utility maximization assuming Sidrauski-Brock infinitely-lived families. We show that the nature of the equilibrium path can be found out on the basis of essentially graphical techniques. Furthermore, we demonstrate the usefulness of the model by analyzing the welfare implications of monetary and fiscal policy, and by showing that despite the price level being a predetermined variable, a policy of pegging the nominal interest rate will lead to the existence of a continuum of equilibria.