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Positive Trend Inflation in the New Keynesian Model
Considering different forms of state-dependent price-setting frequency and different versions of the Taylor rule
Katrin Heinrichs
Livre broché | Anglais
113,45 €
+ 226 points
Description
In this book, a baseline New Keynesian model is linearised around a possibly positive trend inflation rate. The trend inflation, i.e. target inflation rate, is brought about either by a forward-looking or contemporaneous Taylor rule. The model is based on the assumption of strategic complementarity in price-setting. Steady-state, determinacy and model dynamics are analysed. A focus is on different versions of trend-inflation dependent price-setting frequencies. Like in many other studies, welfare considerations do not justify an inflation target considerably above zero. It appears, however, that higher price-flexibility favours a slightly higher target. Overall, price-setting frequency is of considerable importance for the results.
Spécifications
Parties prenantes
- Auteur(s) :
- Editeur:
Contenu
- Nombre de pages :
- 468
- Langue:
- Anglais
Caractéristiques
- EAN:
- 9783838135243
- Date de parution :
- 06-05-15
- Format:
- Livre broché
- Dimensions :
- 150 mm x 220 mm
- Poids :
- 680 g
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