Short-term price rigidity in an endogenous growth model: Non-Superneutrality and a non-vertical long-term Phillips-curve
Short-term price rigidity in an endogenous growth model: Non-Superneutrality and a non-vertical long-term Phillips-curve
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内生增长模型中的短期价格刚性：非超中性和非垂直长期菲利普斯曲线
DOI：
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发表时间：
2006
期刊：
影响因子：
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通讯作者：
Bettina Kromen
中科院分区：
文献类型：
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作者：
Peter Funk;Bettina Kromen
该模型分析了熊彼特增长模型中通货膨胀与长期就业水平和产出增长之间的相互作用，并在名义价格刚性下提高了质量创新。在独特的稀土元素稳态均衡下，就业和增长都是货币增长在正通胀率下达到峰值的驼峰形函数。这是由于刚性条件下货币增长的四种影响：通货膨胀导致相对价格的侵蚀，以及预期这种影响公司利润而设定的最佳初始加价。相对价格的分散会导致生产效率低下，而平均加价的变化会影响总需求。
This model analyses the interaction between inflation and the long-run levels of employment and output growth in a Schumpeterian growth model with quality improving innovations under nominal price rigidity. At the unique REE steady state equilibrium, both employment and growth are hump-shaped functions of money growth peaking at positive inflation rates. This is due to four effects of money growth under rigidity: Erosion of its relative price through inflation and the optimal initial mark-up set in anticipation of this influence a firm’s profits. Dispersion in relative prices causes inefficient production while the change in the average mark-up influences aggregate demand.