菲利普斯曲线
骨料(复合)
膨胀(宇宙学)
新凯恩斯主义经济学
经济
计量经济学
班级(哲学)
订单(交换)
数理经济学
一级
应用数学
数学
凯恩斯经济学
计算机科学
物理
货币政策
理论物理学
材料科学
财务
人工智能
复合材料
作者
Adrien Auclert,Rodolfo Rigato,Matthew Rognlie,Ludwig Straub
摘要
Abstract We show that in a broad class of menu cost models, the first-order dynamics of aggregate inflation in response to arbitrary shocks to aggregate costs are nearly the same as in Calvo models with suitably chosen Calvo adjustment frequencies. We first prove that the canonical menu cost model is first-order equivalent to a mixture of two time-dependent models, which reflect the extensive and intensive margins of price adjustment. We then show numerically that in any plausible parameterization, this mixture is well approximated by a single Calvo model. This close numerical fit carries over to other standard specifications of menu cost models. Thus, for shocks that are not too large, the Phillips curve for a menu cost model looks like the New Keynesian Phillips curve, but with a higher slope.
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