Real and Nominal Propagation of Nominal Shocks  

Oleh:

Andersen, Torben M.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 114 no. 492 (Jan. 2004), page 174-195.
Topik: BACKPROPAGATION; real; nominal propagation; nominal shocks
Fulltext: 174.pdf (163.26KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.12 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The role of real and nominal propagation mechanisms in generating persistent real effects of nominal shocks is analysed analytically in a fully specified intertemporal general equilibrium model. While neither a real propagation mechanism (capital acccumulation) with one - period nominal contracts nor nominal propagation (staggered nominal contracts) in the absence of any real propagation can generate plausible impulse responses with strong persistence, it is shown that the two mechanisms interact so as to strengthen persistence (possibly unit roots) and generate more plausible impulse responses.

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