The Cost of Nominal Rigidity in NNS Models
The Cost of Nominal Rigidity in NNS Models
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NNS 模型中的标称刚度成本
DOI：
10.1111/j.1538-4616.2007.00079.x
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
B. Diba
中科院分区：
文献类型：
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作者：
M. Canzoneri;R. Cumby;B. Diba
我们提出了一个具有卡尔沃工资和价格设定、资本形成以及政府支出和货币政策估计规则的模型。我们的模型捕获了美国数据的许多方面，包括在各种效率差距中观察到的波动性。我们估计名义刚性的成本——弹性工资和价格下的福利减去名义刚性下的福利——高达每个时期消费的3%。由于利率规则实际上消除了这一成本，我们的模型表明——与Lucas（2003）的断言相反——需求管理政策有相当大的改进空间。
We present a model with Calvo wage and price setting, capital formation, and estimated rules for government spending and monetary policy. Our model captures many aspects of U.S. data, including the volatility that has been observed in various efficiency gaps. We estimate the cost of nominal rigidity—welfare under flexible wages and prices minus welfare with nominal rigidities—to be as much as 3% of consumption each period. Since there are interest rate rules that virtually eliminate this cost, our model suggests that—contrary to Lucas’s (2003) assertion—there is considerable room for improvement in demand management policy.