La persistance de l'inflation dans les modèles néo-keynésiens
La Persistance de l'Inflation dans les Modèles Néo-Keynésiens, by Mohamed Safouane Ben Aïssa and Olivier Musy We derive the inflation dynamics implied by the different hypothesis on price adjustment existing in the New Keynesian litterature. We study the response of output and inflation in each model consecutively to a shock on the growth rate of money. We show that only two specifications can reproduce correctly the stylized facts associated with this kind of shock : the model with predetermined prices of Mankiw and Reis (2002), and the model with fixed prices of Gali and Gertler (1999). None of the other alternatives, including the fixed prices model of Fuhrer and Moore (1995), is able to reproduce correctly the delayed response of inflation. Then, when analyzing the inflation persistence implied by fixed prices models, the hypothesis on the structure of price rigidity is as important as the presence of inflation lags in the dynamics. Journal of Economic Literature classification numbers : E31, E52.
Volume (Year): 71 (2005)
Issue (Month): 2 ()
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