Information frictions and monetary policy

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985998%3A_____%2F12%3A00457911" target="_blank" >RIV/67985998:_____/12:00457911 - isvavai.cz</a>

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Information frictions and monetary policy

Popis výsledku v původním jazyce

Real effects of monetary policy depend crucially on the nature of nominal rigidities. Thesenrigidities are typically modelled as sticky prices with explicit assumptions on either frequencynof price adjustments (Calvo-style models) or on the cost of adjustment (menu costnmodels). However, recent empirical work cast doubts on these workhorses of standardnNew Keynesian models. This paper discusses another approach to nominal frictions, whichnis based on the assumption that agents face difficulties processing information. If, forninstance, price-setters learn about an interest rate cut with a delay, then their price alsonresponds sluggishly. This rigidity implies positive temporary effects on output and unemployment.nWe conclude that models based on information frictions can account for severalnempirical facts other model have difficulties reconciling with, such as sluggish responsesnof both real and nominal variables, frequent but staggered price changes or a steepernPhillips c

Název v anglickém jazyce

Information frictions and monetary policy

Popis výsledku anglicky

Real effects of monetary policy depend crucially on the nature of nominal rigidities. Thesenrigidities are typically modelled as sticky prices with explicit assumptions on either frequencynof price adjustments (Calvo-style models) or on the cost of adjustment (menu costnmodels). However, recent empirical work cast doubts on these workhorses of standardnNew Keynesian models. This paper discusses another approach to nominal frictions, whichnis based on the assumption that agents face difficulties processing information. If, forninstance, price-setters learn about an interest rate cut with a delay, then their price alsonresponds sluggishly. This rigidity implies positive temporary effects on output and unemployment.nWe conclude that models based on information frictions can account for severalnempirical facts other model have difficulties reconciling with, such as sluggish responsesnof both real and nominal variables, frequent but staggered price changes or a steepernPhillips c

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

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Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2012

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

ACTA VŠFS

ISSN

1802-792X

e-ISSN

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Svazek periodika

6

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

18

Strana od-do

7-24

Kód UT WoS článku

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EID výsledku v databázi Scopus

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