文章基本信息

标题：Generalized Taylor and Generalized Calvo price and wage-setting: micro evidence with macro implications
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期刊名称：Cardiff Economics Working Papers / Cardiff University, Cardiff Business School
印刷版ISSN：1749-6101
出版年度：2011
卷号：2011
出版社：Cardiff University
摘要：The Generalized Calvo and the Generalized Taylor models of price and wage-setting are, unlike the standard Calvo and Taylor counterparts, 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 humpshaped and persistent response of inflation, without resorting to the counterfactual assumption of systematic wage and price indexation.
关键词：Contract length ; steady state ; hazard rate ; Calvo ; Taylor ; wage-setting ; price-setting ;