Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/211960 
Autor:innen: 
Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
Bank of Finland Discussion Papers No. 27/2003
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
Most of the papers in the sticky-price literature are based on a log-linearization around the zero inflation steady state, a simplifying but counterfactual assumption.This paper shows that when trend inflation is considered, both the long-run and the short-run properties of DGE models based on the Calvo staggered price model change dramatically.It follows that results obtained by models log-linearized around a zero inflation steady state are quite misleading.Furthermore, the same is not true for models based on the Taylor staggered price model, which is robust to changes in trend inflation.As a conclusion, the Taylor model is to be preferred, unless one is willing to index nominal variables.
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
952-462-092-8
Dokumentart: 
Working Paper

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