期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2004
出版社：European Central Bank
摘要：Despite their popularity as theoretical tools for illustrating the e ects of nominal rigidities, some have questioned whether models based on Taylor-style staggered contracts can match the persistence of the empirical in
ation process. This paper presents some general theoretical results about Taylor-style models. It is shown that these models do not have a problem matching high autocorrelations for in
ation. However, they fail to explain a key feature of reduced-form Phillips-curve regressions: The positive dependence of in
ation on its own lags. It is shown that staggered price contracting models instead predict that the coecients on these lag terms should be negative.
