|
EconStor >
Federal Reserve Bank of New York >
Staff Reports, Federal Reserve Bank of New York >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/60772
|
| | |
Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Bonomo, Marco | | en_US |
| dc.contributor.author | | Carvalho, Carlos | | en_US |
| dc.date.accessioned | | 2010-04-30 | | en_US |
| dc.date.accessioned | | 2012-08-17T14:33:11Z | | - |
| dc.date.available | | 2012-08-17T14:33:11Z | | - |
| dc.date.issued | | 2008 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/60772 | | - |
| dc.description.abstract | | The real effects of an imperfectly credible disinflation depend critically on the extent of price rigidity. In this paper, we examine how credibility affects the outcome of a disinflation in a model with endogenous time-dependent pricing rules. Both the endogenous initial degree of price rigidity and changes in the duration of price spells during disinflation play an important role in explaining the effects of imperfect credibility. We initially consider the costs of disinflation when the degree of credibility is fixed, and then allow agents to use Bayes' rule to update beliefs about the 'type' of monetary authority that they face. In both cases, the interaction between the endogeneity of time-dependent rules and imperfect credibility increases the output costs of disinflation. The pattern of the output response is more realistic in the case with learning. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Federal Reserve Bank of New York New York, NY | | en_US |
| dc.relation.ispartofseries | | Staff Report, Federal Reserve Bank of New York 355 | | en_US |
| dc.subject.jel | | E31 | | en_US |
| dc.subject.jel | | E52 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Disinflation | | en_US |
| dc.subject.keyword | | optimal price setting | | en_US |
| dc.subject.keyword | | endogenous time-dependent pricing | | en_US |
| dc.subject.stw | | Inflationsbekämpfung | | en_US |
| dc.subject.stw | | Preisrigidität | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Imperfectly credible disinflation under endogenous time-dependent pricing | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 587565020 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | Staff Reports, Federal Reserve Bank of New York
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|