Sticky Prices versus Monetary Frictions: An Estimation of Policy Trade-offs

被引：37

作者：

Aruoba, S. Boragan ^{[1
]}

Schorfheide, Frank ^{[2
]}

机构：

[1] Univ Maryland, Dept Econ, College Pk, MD 20742 USA

[2] Univ Penn, Dept Econ, Philadelphia, PA 19104 USA

来源：

AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2011年 / 3卷 / 01期

关键词：

DSGE MODELS; INFLATION; MONEY; WELFARE; FRAMEWORK; EXCHANGE; BELIEFS;

D O I：

10.1257/mac.3.1.60

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We develop a two-sector monetary model with a centralized and decentralized market. Activities in the centralized market resemble those in a standard New Keynesian economy with price rigidities. In the decentralized market agents engage in bilateral exchanges for which money is essential. This paper is the first to formally estimate such a model, evaluate its fit based on postwar US data, and assess its money demand properties. Steady-state welfare calculations reveal that the distortions created by the monetary friction may be of similar magnitude as the distortions created by the New Keynesian friction. (JEL C54, E12, E31, E41, E52)

引用

页码：60 / 90

页数：31

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