Rule‐of‐Thumb Consumers Meet Sticky Wages
Rule‐of‐Thumb Consumers Meet Sticky Wages
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凭经验的消费者会遇到粘性工资
DOI：
10.1111/j.1538-4616.2011.00376.x
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
A. Colciago
中科院分区：
文献类型：
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作者：
A. Colciago
有人认为，消费者的经验法则实质上改变了简单利率规则的确定性属性和标准新凯恩斯主义模型的动态特性。在本文中，我们证明名义工资粘性有助于重建标准结果。主要发现是，工资粘性i)影响参数空间中确定性区域的形状，恢复泰勒原则与货币政策行为的相关性；Ii)意味着政府支出创新带来的消费增长并不是该模型的稳健特征。
It has been argued that rule of thumb consumers substantially alter the determinacy properties of simple interest rate rules and the dynamics of an otherwise standard New-keynesian model. In this paper we show that nominal wage stickiness helps re-establishing standard results. Key findings are that wage stickiness i) affects the shape of determinacy regions in the parameters space, restoring the relevance of the Taylor principle for the conduct of monetary policy; ii) implies that a rise in consumption in response to an innovation in government spending is not a robust feature of the model.