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dc.contributor.authorPaustian, Matthiasen_US
dc.date.accessioned2009-01-28T16:01:25Z-
dc.date.available2009-01-28T16:01:25Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/19607-
dc.description.abstractWhat is the role of contracting schemes for the welfare costs of nominal rigidities over the business cycle? We examine 4 different modeling schemes of nominal rigidities that all have the same average duration of contracts. We find that Calvo (1983) wage and price contracts may deliver welfare costs that are 3-4 times higher than Taylor (1980) contracts. However, that result is sensitive to the monetary policy rule. We discuss the implications of modeling capital mobility and of adopting the Mankiw and Reis (2002) sticky information scheme for the welfare costs of nominal rigidities.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesDiscussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2005,22en_US
dc.subject.jelE32en_US
dc.subject.jelE52en_US
dc.subject.ddc330en_US
dc.subject.keywordwelfareen_US
dc.subject.keywordCalvoen_US
dc.subject.keywordTayloren_US
dc.subject.keywordsticky informationen_US
dc.subject.keywordcosts of nominal rigiditiesen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwLohnrigidit├Ąten_US
dc.subject.stwLohnbildungen_US
dc.subject.stwWohlfahrtseffekten_US
dc.subject.stwTheorieen_US
dc.titleThe role of contracting schemes for the welfare costs of nominal rigidities over the business cycleen_US
dc.typeWorking Paperen_US
dc.identifier.ppn495862789en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:4216-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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