Autore
Farmer, Roger E. A.

Titolo
Two new keynesian theories of sticky prices
Periodico
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1999 - Fascicolo: 33 - Pagina iniziale: 1 - Pagina finale: 52

This paper compares two alternative theories of Aggregate supply, both with a "New Keynesian Flavor". The first assumes that prices are rigid due to thè existence of menu costs of thè kind advanced by Mankiw [38] and Akerlof and Yellen [2j. The second derives price stickiness endogenously as one equilibrium in an economy with multiple equilibria. In both cases we show that thè Ball-Romer concepì of real rigidities is essential to explain why monetary policy has real persistent effects.



Testo completo: http://www.iue.it/ECO/WP-Texts/ECO99-33.pdf

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