Autore:
Farmer, Roger E. A.
Titolo:
Two new keynesian theories of sticky pricesPeriodico:
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papersAnno:
1999 - Fascicolo:
33 - Pagina iniziale:
1 - Pagina finale:
52This paper compares two alternative theories of Aggregate supply, both with a "New Keynesian Flavor". The first assumes that prices are rigid due to thè existence of menu costs of thè kind advanced by Mankiw [38] and Akerlof and Yellen [2j. The second derives price stickiness endogenously as one equilibrium in an economy with multiple equilibria. In both cases we show that thè Ball-Romer concepì of real rigidities is essential to explain why monetary policy has real persistent effects.
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http://www.iue.it/ECO/WP-Texts/ECO99-33.pdfEsportazione dati in Refworks (solo per utenti abilitati)
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