Unité mixte de recherche 7235

The Dynamic Properties of Alternative Assumptions on Price Adjustment in New Keynesian Models

Safouane Ben Aïssa, Olivier Musy

[en]This paper presents a classification of the different new Phillips curves existing in the literature as a set of choices based on three assumptions: the choice of the structure of price adjustments (Calvo or Taylor), the presence of backward indexation, and the type of price contracts (fixed prices or predetermined prices). The paper suggests study of the dynamic properties of each specification, following different monetary shocks on the growth rate of the money stock. We develop the analytical form of the price dynamics, and we display graphics for the responses of prices, output, and inflation. We show that the choice made for each of the three assumptions has a strong influence on the dynamic properties. Notably, the choice of the price structure, while often considered as unimportant, is indeed the most influential choice concerning the dynamic responses of output and inflation.[/en]

AGENDA

jeudi 19 mai 2022

Lunch

Christophe Blot

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Law, Institutions and Economics in Nanterre (LIEN)

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Law, Institutions and Economics in Nanterre (LIEN)

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Salle G110

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Series of Webinars on Economics of Environment, Energy and Transport (SWEEET)

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TBA

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Groupe de travail « Intelligence artificielle »

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Series of Webinars on Economics of Environment, Energy and Transport (SWEEET)

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TBA

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Économies du monde musulman

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Natural and Regulatory Underlying Factors of Food Dependency in Algeria

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