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Pervasive Stickiness Author info | Abstract | Publisher info | Download info | Related research | Statistics N. Gregory Mankiw
Ricardo Reis
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This paper explores a macroeconomic model of the business cycle in which stickiness of information is pervasive. We start from a familiar benchmark classical model and add to it the assumption that there is sticky information on the part of consumers, workers, and firms. We evaluate the model against three key facts that describe shortrun fluctuations: the acceleration phenomenon, the smoothness of real wages, and the gradual response of real variables to shocks. We find that pervasive stickiness is required to fit the facts. We conclude that models based on stickiness of information offer the promise of fitting the facts on business cycles while adding only one new plausible ingredient to the classical benchmark.
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Paper provided by Harvard - Institute of Economic Research in its series Harvard Institute of Economic Research Working Papers with number
2111.
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Date of creation: 2006Date of revision:
Handle: RePEc:fth:harver:2111Contact details of provider: Postal: 200 Littauer Center, Cambridge, MA 02138 Web page: http://www.economics.harvard.edu/journals/hier More information through EDIRC
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Jonathan A. Parker & Christian Julliard, 2005.
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Ricardo Reis, 2004.
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Working Papers
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Journal of Monetary Economics ,
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Other versions:
Ricardo Reis, 2005.
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2005 Meeting Papers
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NBER Working Papers
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Harvard Institute of Economic Research Working Papers
1941, Harvard - Institute of Economic Research.
[Downloadable!]
Other versions: Glenn D. Rudebusch, 2001.
"Term structure evidence on interest rate smoothing and monetary policy inertia ,"
Working Papers in Applied Economic Theory
2001-02, Federal Reserve Bank of San Francisco.
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Other versions: N. Gregory Mankiw & Ricardo Reis, 2002.
"Sticky Information Versus Sticky Prices: A Proposal To Replace The New Keynesian Phillips Curve ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 117(4), pages 1295-1328, November.
[Downloadable!] (restricted)
Other versions:
N. Gregory Mankiw & Ricardo Reis, 2001.
"Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve ,"
Harvard Institute of Economic Research Working Papers
1922, Harvard - Institute of Economic Research.
[Downloadable!] N. Gregory Mankiw & Ricardo Reis, 2001.
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NBER Working Papers
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Proceedings ,
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[Downloadable!] Lucas, Robert E, Jr & Rapping, Leonard A, 1969.
"Real Wages, Employment, and Inflation ,"
Journal of Political Economy ,
University of Chicago Press, vol. 77(5), pages 721-54, Sept./Oct.
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Jan-Oliver Menz & Lena Vogel, 2009.
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200902, Hamburg University, Department Wirtschaft und Politik.
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Jonas Dovern & Joerg Doepke & Ulrich Fritsche & Jirka Slacalek, 2006.
"The Dynamics of European Inflation Expectations ,"
Macroeconomics and Finance Series
200603, Hamburg University, Department Wirtschaft und Politik.
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Other versions: Jonas Dovern & Joerg Doepke & Ulrich Fritsche & Jirka Slacalek, 2006.
"Sticky Information Phillips Curves: European Evidence ,"
Macroeconomics and Finance Series
200604, Hamburg University, Department Wirtschaft und Politik.
[Downloadable!]
Other versions:
Jörg Döpke & Jonas Dovern & Ulrich Fritsche & Jiri Slacalek, 2006.
"Sticky Information Phillips Curves: European Evidence ,"
Discussion Papers of DIW Berlin
615, DIW Berlin, German Institute for Economic Research.
[Downloadable!] Jörg Döpke & Jonas Dovern & Ulrich Fritsche & Jiri Slacalek, 2008.
"Sticky information Phillips curves: European evidence ,"
Working Paper Series
930, European Central Bank.
[Downloadable!] Jörg Döpke & Jonas Dovern & Ulrich Fritsche & Jiri Slacalek, 2008.
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Journal of Money, Credit and Banking ,
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[Downloadable!] (restricted) Paciello, Luigi, 2009.
"Monetary Policy Activism and Price Responsiveness to Aggregate Shocks under Rational Inattention ,"
MPRA Paper
16407, University Library of Munich, Germany.
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Ricardo Reis, 2009.
"A Sticky-Information General-Equilibrium Model for Policy Analysis ,"
NBER Working Papers
14732, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Lanne, Markku & Luoma, Arto & Luoto, Jani, 2008.
"A Naïve Sticky Information Model of Households’ Inflation Expectations ,"
MPRA Paper
8663, University Library of Munich, Germany.
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Other versions: Ray C. Fair, 2006.
"Evaluating Inflation Targeting Using a Macroeconometric Model ,"
Levine's Bibliography
321307000000000303, UCLA Department of Economics.
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Other versions: Enrique Martinez-Garcia, 2008.
"Globalization and monetary policy: an introduction ,"
Globalization and Monetary Policy Institute Working Paper
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Daley, Clayton, 2007.
"A “Local” Model of the Firm: Sticky prices and the Phillips Curve ,"
MPRA Paper
4012, University Library of Munich, Germany, revised 11 Jul 2007.
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Leonardo Melosi, 2009.
"A Likelihood Analysis of Models with Information Frictions ,"
PIER Working Paper Archive
09-009, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
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Enrique Martinez-Garcia, 2007.
"A monetary model of the exchange rate with informational frictions ,"
Globalization and Monetary Policy Institute Working Paper
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N. Gregory Mankiw & Ricardo Reis, 2006.
"Sticky Information in General Equilibrium ,"
NBER Working Papers
12605, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
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