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Autoren: 
Dixon, Huw
Le Bihan, Hervé
Datum: 
2011
Schriftenreihe/Nr.: 
Cardiff Economics Working Papers No. E2011/25
Zusammenfassung: 
The Generalized Calvo and the Generalized Taylor models of price and wage-setting are, unlike the standard Calvo and Taylor counter-parts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro-data from a major euro-area economy (France), we develop calibrated versions of these models. We assess the consequences for monetary policy transmission by embedding these calibrated models in a standard DSGE model. The Generalized Taylor model is found to help rationalizing the hump-shaped and persistent response of inflation, without resorting to the counterfactual assumption of systematic wage and price indexation.
Schlagwörter: 
contract length
steady state
hazard rate
Calvo
Taylor
wage-setting
price-setting
JEL: 
E31
E32
E52
J30
Dokumentart: 
Working Paper

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