Generalized Taylor and generalized Calvo price and wagesetting: Micro evidence with macro implications

Arbeitspapier

The Generalized Calvo and the Generalized Taylor models of price and wage-setting are, unlike the standard Calvo and Taylor counter-parts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro-data from a major euro-area economy (France), we develop calibrated versions of these models. We assess the consequences for monetary policy transmission by embedding these calibrated models in a standard DSGE model. The Generalized Taylor model is found to help rationalizing the hump-shaped and persistent response of inflation, without resorting to the counterfactual assumption of systematic wage and price indexation.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Cardiff Economics Working Papers ; No. E2011/25

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Price Level; Inflation; Deflation ; Business Fluctuations; Cycles ; Monetary Policy ; Wages, Compensation, and Labor Costs: General
• Thema: contract length ; steady state ; hazard rate ; Calvo ; Taylor ; wage-setting ; price-setting ; Lohnbildung ; Betriebliche Preispolitik ; Dynamisches Gleichgewicht ; Modellierung ; Geldpolitik ; Transmissionsmechanismus ; Inflation ; Theorie ; Frankreich

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Dixon, Huw ; Le Bihan, Hervé
• Ereignis: Veröffentlichung
• (wer): Cardiff University, Cardiff Business School
• (wo): Cardiff
• (wann): 2011

Weitere Informationen

• Handle: http://hdl.handle.net/10419/65776
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ