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Nominal rigidities and the dynamic effects of a monetary shock

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  • Gerke, Rafael
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    Abstract

    Two dynamic sticky price models with monopolistic competition in the goods market are presented. In the first model, each intermediate goods producer faces quadratic costs of adjusting its nominal price as introduced by Rotemberg (1982); the second model incorporates staggered price setting as proposed by Taylor (1980) and recently discussed by Chari/Kehoe/McGrattan (2000). Using the approximation method and the toolkit of Uhlig (1999) these models are used to derive theoretical impulse response functions. One aim is to check whether these two different forms of nominal price rigidities imply quantitatively and qualitatively different impulse response functions. Interestingly, both models do not seem to imply as much persistence as empirical impulse response functions typically indicate. However, qualitative differences do exist.

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    Bibliographic Info

    Paper provided by Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL) in its series Darmstadt Discussion Papers in Economics with number 37702.

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    Date of creation: Aug 2001
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    Publication status: Published in Darmstadt Discussion Papers in Economics . 107 (2001-08)
    Handle: RePEc:dar:ddpeco:37702

    Note: for complete metadata visit http://tubiblio.ulb.tu-darmstadt.de/37702/
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    Cited by:
    1. Dellas, Harris & Tavlas, George, 2003. "Wage Rigidity and Monetary Union," CEPR Discussion Papers 3679, C.E.P.R. Discussion Papers.
    2. Gerke, Rafael & Rubart, Jens, 2005. "The Role of Money Demand in a Business Cycle Model with Staggered Wage Contracts," Darmstadt Discussion Papers in Economics 37210, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL).
    3. Inoue, Tomohiro & Tsuzuki, Eiji, 2011. "A New Keynesian model with technological change," Economics Letters, Elsevier, vol. 110(3), pages 206-208, March.
    4. Harris Dellas & George Tavlas, 2003. "The Global Implications of Regional Exchange Rate Regimes," Working Papers 082003, Hong Kong Institute for Monetary Research.
    5. Gerke, Rafael & Rubart, Jens, 2003. "Search Unemployment in a Dynamic New Keynesian Model of the Business Cycle," Darmstadt Discussion Papers in Economics 37308, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL).

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