Staggered Prices and Trend Inflation: Some Nuisances
Staggered Prices and Trend Inflation: Some Nuisances
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价格交错和通货膨胀趋势：一些麻烦
DOI：
10.2139/ssrn.501743
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发表时间：
2002
期刊：
影响因子：
--
通讯作者：
G. Ascari
中科院分区：
文献类型：
--
作者：
G. Ascari
粘性价格文献中的大多数论文都是基于围绕零通胀稳定状态的对数线性化，这是一个简化但反事实的假设。本文表明，当考虑趋势通胀时，基于 Calvo 交错价格模型的 DGE 模型的长期和短期属性都会发生巨大变化。由此可见，通过零通胀稳态附近的对数线性化模型获得的结果具有很大的误导性。此外，基于泰勒交错价格模型的模型情况并非如此，该模型对趋势通胀的变化具有鲁棒性。作为结论，泰勒模型是首选，除非愿意对名义变量进行索引。
Most of the papers in the sticky-price literature are based on a log-linearization around the zero inflation steady state, a simplifying but counterfactual assumption. This paper shows that when trend inflation is considered, both the long-run and the short-run properties of DGE models based on the Calvo staggered price model change dramatically. It follows that results obtained by models log-linearized around a zero inflation steady state are quite misleading. Furthermore, the same is not true for models based on the Taylor staggered price model, which is robust to changes in trend inflation. As a conclusion, the Taylor model is to be preferred, unless one is willing to index nominal variables.