Two New Keynesian Theories of Sticky Prices.

This paper compares two alternative theories of Aggregate supply, both with a "New Keynesian Flavor". The first assumes that prices are rigis due to the existence of menu costs of the kind advanced by Mankiw [38] and Akerlof and Yellen [2]. The second derives price stickiness endogenously as one equilibrium in an economy with multiple equilibria.

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Year of publication:	1999
Authors:	Farmer, R.E.A.
Institutions:	Department of Economics, European University Institute
Subject:	PRICES \| ECONOMIC THEORY \| MACROECONOMICS

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Series:	Economics Working Papers.
Type of publication:	Book / Working Paper
Notes:	52 pages
Classification:	E12 - Keynes; Keynesian; Post-Keynesian ; E30 - Prices, Business Fluctuations, and Cycles. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005816402