Working paper
Sticky prices and volatile output.
- Abstract:
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We examine the effect of introducing a specific type of price stickiness into a stochastic growth model subject to a cash in advance constraint. As in previous studies we find the introduction of price rigidities provides a substantial source of monetary non-neutrality, which contributes significantly to output volatility. We show that the introduction of this form of sticky prices improves the model’s performance at explaining inflation but worsens it for output. The most dramatic failure of...
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Authors
Bibliographic Details
- Publisher:
- Bank of England
- Series:
- Bank of England working papers
- Publication date:
- 2001-01-01
Item Description
- Language:
- English
- UUID:
-
uuid:3a10dfef-7565-4af2-9451-1e3cd59d076d
- Local pid:
- oai:economics.ouls.ox.ac.uk:15138
- Deposit date:
- 2011-08-16
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Terms of use
- Copyright date:
- 2001
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