Price setting in General Equilibrium: Alternative Specifications
AbstractThis paper compares a number of alternative specifications for price setting in the context of the Smets-Wouters (2003) Dynamic Stochastic General Equilibrium model. We compare the Calvo model with a standard Taylor contracting model and show that by allowing for sector-specific capital the Taylor contracting model with relative short contract length is performing as well as the Calvo model
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Bibliographic InfoPaper provided by Society for Computational Economics in its series Computing in Economics and Finance 2005 with number 370.
Date of creation: 11 Nov 2005
Date of revision:
sticky prices; DSGE models; business cycle fluctuations;
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