المستودع الأكاديمي جامعة المدينة

The role of contracting schemes for the welfare costs of nominal rigidities over the business cycle

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dc.creator Paustian, Matthias
dc.date 2005
dc.date.accessioned 2013-10-16T07:05:53Z
dc.date.available 2013-10-16T07:05:53Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19607
dc.identifier ppn:495862789
dc.identifier RePEc:zbw:bubdp1:4216
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19607
dc.description What is the role of contracting schemes for the welfare costs of nominal rigidities over the business cycle? We examine 4 different modeling schemes of nominal rigidities that all have the same average duration of contracts. We find that Calvo (1983) wage and price contracts may deliver welfare costs that are 3-4 times higher than Taylor (1980) contracts. However, that result is sensitive to the monetary policy rule. We discuss the implications of modeling capital mobility and of adopting the Mankiw and Reis (2002) sticky information scheme for the welfare costs of nominal rigidities.
dc.language eng
dc.relation Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2005,22
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E32
dc.subject E52
dc.subject ddc:330
dc.subject welfare
dc.subject Calvo
dc.subject Taylor
dc.subject sticky information
dc.subject costs of nominal rigidities
dc.subject Geldpolitik
dc.subject Lohnrigidität
dc.subject Lohnbildung
dc.subject Wohlfahrtseffekt
dc.subject Theorie
dc.title The role of contracting schemes for the welfare costs of nominal rigidities over the business cycle
dc.type doc-type:workingPaper


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