Welfare implications of Calvo vs. Rotemberg-pricing assumptions

被引：32
作者：
Lombardo, Giovanni [1 ]
Vestin, David [1 ]
机构：
[1] European Cent Bank, D-60311 Frankfurt, Germany
来源：
ECONOMICS LETTERS | 2008年 / 100卷 / 02期
关键词：
Calvo price adjustment; Rotemberg price adjustment; welfare; inflation; second order approximation;
D O I：
10.1016/j.econlet.2008.02.008
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper compares the welfare implications of two widely used pricing assumptions in the New-Keynesian literature: Calvo-pricing vs. Rotemberg-pricing. We show that despite the strong similarities between the two assumptions to a first order of approximation, in general they might entail different welfare costs at higher order of approximation. (C) 2008 Elsevier B.V. All rights reserved.
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页码：275 / 279
页数：5
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