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Real and Nominal PropAgation of Nominal Shocks

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  • Torben M. Andersen
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    Abstract

    The role of real and nominal propagation mechanisms in generating persistent real effects of nominal shocks is analysed analytically in a fully specified intertemporal general equilibrium model. While neither a real propagation mechanism (capital acccumulation) with one-period nominal contracts nor nominal propagation (staggered nominal contracts) in the absence of any real propagation can generate plausible impulse responses with strong persistence, it is shown that the two mechanisms interact so as to strengthen persistence (possibly unit roots) and generate more plausible impulse responses. Copyright 2004 Royal Economic Society.

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    Bibliographic Info

    Article provided by Royal Economic Society in its journal The Economic Journal.

    Volume (Year): 114 (2004)
    Issue (Month): 492 (01)
    Pages: 174-195

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    Handle: RePEc:ecj:econjl:v:114:y:2004:i:492:p:174-195

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    Cited by:
    1. Michael Gail, 2004. "Sticky Wages in a Stochastic DGE Model of the Business Cycle," Volkswirtschaftliche Diskussionsbeiträge 114-04, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht.
    2. Rafael Gerke & Jens Rubart, 2006. "The Role Of Money Demand In A Business Cycle Model With Staggered Wage Contracts," The IUP Journal of Monetary Economics, IUP Publications, vol. 0(2), pages 52-72, May.
    3. Andersen, Torben M., 2008. "Heterogenous wage formation under a common monetary policy," Economic Modelling, Elsevier, vol. 25(4), pages 740-771, July.
    4. Alvarez-Lois, Pedro P., 2006. "Endogenous capacity utilization and macroeconomic persistence," Journal of Monetary Economics, Elsevier, vol. 53(8), pages 2213-2237, November.

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