Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy

Lawrence J. Christiano, Martin Eichenbaum, Charles Evans

We present a model embodying moderate amounts of nominal rigidities which accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts of average duration three quarters, and variable capital utilization

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Year of publication:	July 2001
Authors:	Christiano, Lawrence J.
Other Persons:	Evans, Charles (contributor) ; Eichenbaum, Martin (contributor)
Institutions:	National Bureau of Economic Research (contributor)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	Schätzung \| Estimation \| Schock \| Shock \| Geldpolitik \| Monetary policy \| Theorie \| Theory \| Lohnrigidität \| Wage rigidity \| Preisrigidität \| Price stickiness \| Inflation \| Bruttoinlandsprodukt \| Gross domestic product

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Extent:	1 Online-Ressource
Series:	NBER working paper series ; no. w8403
Type of publication:	Book / Working Paper
Language:	English
Notes:	Mode of access: World Wide Web System requirements: Adobe [Acrobat] Reader required for PDF files Hardcopy version available to institutional subscribers.
Other identifiers:	10.3386/w8403 [DOI]
Source:	ECONIS - Online Catalogue of the ZBW

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