Arbeitspapier
Generalized Taylor and generalized Calvo price and wage-setting: Micro evidence with macro implications
The Generalized Calvo and the Generalized Taylor model 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 response of inflation, without resorting to the counterfactual assumption of systematic wage and price indexation.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 3119
- 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
Modell-Spezifikation
Geldpolitik
Transmissionsmechanismus
Inflation
Theorie
Frankreich
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Dixon, Huw David
Le Bihan, Hervé
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Dixon, Huw David
- Le Bihan, Hervé
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2010
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