Sticky Information vs. Sticky Prices: A Horse Race in a DSGE Framework

dc.creator	Trabandt, Mathias
dc.date	2007
dc.date.accessioned	2013-10-16T06:57:11Z
dc.date.available	2013-10-16T06:57:11Z
dc.date.issued	2013-10-16
dc.identifier	http://hdl.handle.net/10419/17881
dc.identifier	ppn:535034199
dc.identifier.uri	http://koha.mediu.edu.my:8181/xmlui/handle/10419/17881
dc.description	How can we explain the observed behavior of aggregate inflation in response to e.g. monetary policy changes? Mankiw and Reis (2002) have proposed sticky information as an alternative to Calvo sticky prices in order to model the conventional view that i) inflation reacts with delay and gradually to a monetary policy shock, ii) announced and credible disinflations are contractionary and iii) inflation accelerates with vigorous economic activity. I use a fully-fledged DSGE model with sticky information and compare it to Calvo sticky prices, allowing also for dynamic inflation indexation as in Christiano, Eichenbaum, and Evans (2005). I find that sticky information and sticky prices with dynamic inflation indexation do equally well in my DSGE model in delivering the conventional view.
dc.language	eng
dc.publisher	Kiel Institute for the World Economy (IfW) Kiel
dc.relation	Kieler Arbeitspapiere 1369
dc.rights	http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject	E3
dc.subject	E0
dc.subject	ddc:330
dc.subject	sticky information
dc.subject	sticky prices
dc.subject	inflation indexation
dc.subject	DSGE
dc.title	Sticky Information vs. Sticky Prices: A Horse Race in a DSGE Framework
dc.type	doc-type:workingPaper

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