أعرض تسجيلة المادة بشكل مبسط

dc.creator Mash, Richard
dc.date 2007
dc.date.accessioned 2013-10-16T06:57:09Z
dc.date.available 2013-10-16T06:57:09Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/17870
dc.identifier ppn:535021992
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/17870
dc.description Models in which firms use rules of thumb or partial indexing in their price setting have become prominent in the recent monetary policy literature. The extent to which these firms adjust their prices to lagged inflation has been taken as fixed. We consider the implications of firms choosing the optimal degree of indexation so these simple pricing rules deliver prices as close as possible to those which would be chosen optimally. We find that the degree of indexation depends on the extent of persistence in the economy such that models with constant indexation are vulnerable to the Lucas critique. We also study the interactions between firms price setting and the macroeconomic environment finding that, for the models which appear most plausible on microeconomic grounds, the Nash equilibrium between firms and the policy maker is characterised by zero indexation and zero macroeconomic persistence.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1358
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E22
dc.subject E58
dc.subject E52
dc.subject ddc:330
dc.subject Indexing
dc.subject Monetary Policy
dc.subject Phillips curve
dc.subject Inflation persistence
dc.subject Microfoundations
dc.title Endogenous Indexing and Monetary Policy Models
dc.type doc-type:workingPaper


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أعرض تسجيلة المادة بشكل مبسط