Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/264541 
Autor:innen: 
Erscheinungsjahr: 
2021
Quellenangabe: 
[Journal:] Journal of Money, Credit and Banking [ISSN:] 1538-4616 [Volume:] 54 [Issue:] 2-3 [Publisher:] Wiley Periodicals, Inc. [Place:] Hoboken, USA [Year:] 2021 [Pages:] 459-491
Verlag: 
Wiley Periodicals, Inc., Hoboken, USA
Zusammenfassung: 
The new Keynesian literature typically makes the assumption that firms always have to satisfy demand, which is at odds with profit‐maximizing behavior under Calvo pricing when long‐run inflation is positive. Our model, which relaxes this assumption, predicts that inflation causes a substantially smaller loss in effective aggregate productivity compared to a benchmark model without the possibility of rationing. Moreover, under positive inflation, firms choose smaller markups over marginal costs in our model than in the benchmark model. As a result, our analysis suggests that the standard new Keynesian model may exaggerate the welfare costs of inflation.
Schlagwörter: 
new Keynesian model
optimal inflation target
trend inflation
welfare costs of inflation
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by Logo
Dokumentart: 
Article
Dokumentversion: 
Published Version

Datei(en):
Datei
Größe
578.37 kB





Publikationen in EconStor sind urheberrechtlich geschützt.