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La persistance de l'inflation dans les modèles néo-keynésiens

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  • Mohamed Safouane Ben Aïssa
  • Olivier Musy

Abstract

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.

Suggested Citation

  • Mohamed Safouane Ben Aïssa & Olivier Musy, 2005. "La persistance de l'inflation dans les modèles néo-keynésiens," Recherches économiques de Louvain, De Boeck Université, vol. 71(2), pages 175-191.
  • Handle: RePEc:cai:reldbu:rel_712_0175
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    Cited by:

    1. Erwan Gautier, 2009. "Les ajustements microéconomiques des prix : une synthèse des modèles théoriques et résultats empiriques," Revue d'économie politique, Dalloz, vol. 119(3), pages 323-372.
    2. Gbaguidi, David, 2012. "La courbe de Phillips : temps d’arbitrage et/ou arbitrage de temps," L'Actualité Economique, Société Canadienne de Science Economique, vol. 88(1), pages 87-119, mars.
    3. Adama Zerbo, 2018. "Essai d'une nouvelle représentation macroéconomique du marché du travail," Documents de travail 178, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV.

    More about this item

    Keywords

    inflation persistence; New Keynesian Phillips Curves; fixed prices; predetermined prices;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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