Reconsidering the Natural Rate Hypothesis in a New Keynesian Framework
Reconsidering the Natural Rate Hypothesis in a New Keynesian Framework
复制标题
在新凯恩斯主义框架下重新考虑自然率假说
DOI：
10.1016/j.jmoneco.2007.06.006
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发表时间：
2007
影响因子：
4.1
通讯作者：
Tack Yun
中科院分区：
文献类型：
--
作者：
Andrew T. Levin;Tack Yun
本文建立了一个程式化的新凯恩斯模型，在该模型中，每个个体企业都可以选择其价格调整的频率。合同期限的内生性对稳态通货膨胀的综合效应的大小有很大影响。通过对菜单成本的大小和其他结构参数进行看似合理的校准，该模型预测了稳态通胀与价格调整频率之间的关系，这与跨国研究的经验结果相当接近。此外，在适度的通货膨胀率下，稳态通胀会产生相对的价格扭曲，对总产出产生不小的影响，但这种影响会减弱，最终在年通货膨胀率高得多的时候消失，因为价格调整的频率接近灵活价格经济的频率。
This paper formulates a stylized New Keynesian model in which each individual firm can select the frequency of its price adjustments. The endogeneity of contract duration has a dramatic impact on the magnitude of the aggregate effects of steady-state inflation. With a plausible calibration of the magnitude of menu costs and other structural parameters, this model predicts a relationship between steady-state inflation and the frequency of price adjustment that is reasonably close to the empirical findings of cross-country studies. Furthermore, at moderate inflation rates, steady-state inflation generates relative price distortions that have a non-trivial impact on aggregate output, but this impact wanes and eventually disappears at much higher annual inflation rates because the frequency of price adjustment approaches that of the flexible-price economy.