How well does sticky information explain the dynamics of inflation, output, and real wages?

Julio A. Carrillo

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How well does sticky information explain the dynamics of inflation, output, and real wages?

机译：粘性信息如何很好地解释通货膨胀，产出和实际工资的动态？

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This paper finds that a model with sticky information is less successful than a standard model featuring nominal rigidities, inflation indexation, and habits in generating the dynamics triggered by technology shocks, as estimated by a vector autoregression using U.S. macroeconomic data. The real wage responses after a permanent increase in productivity clearly favor the standard model. The sticky information model fails to replicate the observed inertial response in the real wage, whereas the standard model relies on inflation indexation in wage-setting to achieve a better fit. The two models are, however, statistically equivalent after a shock in monetary policy.

机译：本文发现，具有粘性信息的模型不如具有名义刚性，通货膨胀指数和习惯的标准模型成功，该模型通过使用美国宏观经济数据进行向量自回归来估计技术冲击引发的动力学。生产率永久提高后的实际工资响应显然支持标准模型。粘性信息模型无法在实际工资中复制观察到的惯性响应，而标准模型则依靠工资设定中的通货膨胀指数来实现更好的拟合。然而，在货币政策受到冲击之后，这两种模型在统计上是等效的。

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来源
《Journal of Economic Dynamics and Control》 |2012年第6期|p.830-850|共21页
作者
Julio A. Carrillo;
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作者单位

Department of Financial Economics, Ghent University, W. Wilsonplein 5D, 9000 Ghent, Belgium;

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原文格式 PDF
正文语种 eng
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关键词
sticky-prices; sticky-information; inflation-indexation;

机译：粘性价格;粘性信息;通货膨胀指数;

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5. Inflation expectations, housing market dynamics and global common output gap: Three essays on dynamic common factor models [D] . Fu, Dong 2007

机译：通货膨胀预期，住房市场动态和全球公共产出缺口：关于动态公共因子模型的三篇论文
6. Widening the lead: Non-DVM wages and inflation [O] . Chris Doherty 2020

机译：扩大铅：非DVM工资和通货膨胀
7. We analyze, in this paper, a DSGE New Keynesian model with indi- visible labor where firms may belong to two different final goods producing sectors one where wages and employment are determined in competitive labor markets and the orther where wages and employment are the result of a contractual process between unions and firms. Bargaining between firms and monopoly unions implies real wage rigidity in the model and, in turn, an endogenous trade-off between output stabilization and infla- tion stabilization. We show that the negative effect of a productivity shock on inflation and the positive effect of a cost-push shock is crucially determined by the proportion of firms that belong to the competitive sec- tor. The larger is this number, the smaller are these effects. We derive a welfare based objective function as a second order Taylor approxima- tion of the expected utility of the economy's representative agent and we analyze optimal monetary policy. We show that the larger is the num- ber of firms that belong to the competitive sector, the smaller should be the response of the nominal interest rate to exogenous productivity and cost-push shocks. If we consider, however, an instrument rule where the interest rate must react to inflationary expectations, the rule is not af- fected by the structure of the labor market. The results of the model are consistent with a well known empirical regularity in macroeconomics, i.e. that employment volatility is larger than real wage volatility. [O] . Lorenza Rossi, Fabrizio Mattesini 100

机译：在本文中，我们分析了DsGE新凯恩斯主义模型，该模型具有明显的劳动力，其中企业可能属于两个不同的最终产品生产部门，其中工资和就业是在竞争性劳动力市场中确定的，而工资和就业是由工资和就业导致的。工会和公司之间的合同过程。企业和垄断联盟之间的讨价还价意味着模型中的实际工资刚性，反过来，产出稳定和通货膨胀稳定之间的内生权衡。我们表明，生产率冲击对通货膨胀的负面影响以及成本推动冲击的积极影响，主要取决于属于竞争部门的企业比例。这个数字越大，这些效果越小。我们得出一个基于福利的目标函数作为经济代理人的预期效用的二阶泰勒近似，我们分析最优货币政策。我们表明，属于竞争性行业的企业数量越大，名义利率对外生生产率和成本推动冲击的反应就越小。但是，如果我们考虑利率必须对通胀预期作出反应的工具规则，则该规则不受劳动力市场结构的影响。该模型的结果与宏观经济学中众所周知的经验规律一致，即就业波动率大于实际工资波动率。
8. Appendices A, B, C of Effects of Minimum Wage Policy on Inflation and on Output Prices, Employment, and Real Wage Rates By Industry [R] . Cox, J. , Oaxaca, R. 1981

机译：附录a，B，C最低工资政策对通货膨胀的影响以及按行业划分的产出价格，就业和实际工资率

How well does sticky information explain the dynamics of inflation, output, and real wages?

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