Chapter 15 Staggered price and wage setting in macroeconomics

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1、Chapter15STAGGEREDPRICEANDWAGESETTINGINMACROECONOMICS*JOHNB.TAYLORStanfordUniversityContentsAbstract1010Keywords10101.Introduction10112.Anempiricalguidetopriceandwagesettinginmarketeconomies10132.1.Generalobservationsaboutwageandpricesetting10132.1.1.Wageset

2、ting10132.1.2.Pricesetting10142.2.Individualfirmandworkerevidence10152.2.1.Directevidenceonwagesetting10152.2.2.Indirectevidenceonwagesetting10172.2.3.Directevidenceonpricesetting10182.3.Summaryoffindingsaboutpriceandwagesetting10203.Market-clearingandexpect

3、ed-market-clearingapproaches10213.1.Market-clearingmodels10213.1.1.Empiricaltests10223.2.Expected-market-clearingmodels10244.Staggeredcontractsmodels10274.1.Asimplepricesettingmodel10274.2.Moregeneralstaggeredwage-andprice-settingmodels10294.2.1.Fixedduratio

4、nmodels10294.2.2.Randomdurationmodels10304.2.3.State-dependentdurationmodels10315.Bolsteringthetheoreticalfoundationsofstaggeredcontractsmodels10325.1.Derivingtheoptimalprice:theroleofmarketpower10335.2.Towardsdynamicoptimizingmodelsofstaggeredpriceandwagese

5、tting10335.3.Staggeredpriceandwagesettingingeneralequilibriummodels1035*ThisresearchwassupportedbytheCenterforEconomicPolicyResearchatStanfordUniversity.IwishtothankVVChari,ChristopherErceg,RobertHall,EllenMcGrattan,AkilaWeerapana,andMichaelWoodfordforuseful

6、commentsandassistance.HandbookofMacroeconomics,Volume1,EditedbyJ.B.TaylorandM.Woodford©1999ElsevierScienceB.V.Allrightsreserved10091010JB.Taylor5.4.Explanationsofwhypriceandwagesettingisstaggered10375.5.Indexingandoptimalcontractlength10386.Persistencepuzzle

7、sandpossibleresolutions10386.1.Inflationpersistence10396.2.Realoutputpersistence10406.3.Changesinstabilityandnominalrigidityovertime10427.Concludingremarksonpolicyapplicationsandfutureresearch1042References1044AbstractThischapterreviewstheroleoftemporarypric

8、eandwagerigiditiesinexplainingofthedynamicrelationshipbetweenmoney,realoutput,andinflation.Thekeypropertiestobeexplainedarethatmonetaryshockshavepersistent,butnotpermanent,effectsonrealoutput,an