RIEBセミナー (RIEB Seminar)
| 日時： （Date&Time) |
2006年11月7日（火）午後3時半から （Tuesday, November 7, 2006, 3:30pm〜） |
| 報告者： （Speaker） |
敦賀 貴之 （TSURUGA Takayuki） |
| 所属： （Affiliation） |
日本銀行金融研究所 （Institute for Monetary and Economic Studies, Bank of Japan） |
| 論題： （Topic） |
Do Sticky Prices Need to Be Replaced with Sticky Information? |
| 概要： (Abstract) |
A first generation of research found it difficult to reconcile observed inflation and cyclical output with the fixed price mechanism. Since then, researchers have been divided roughly into two camps. The first camp argues that the original mechanism is largely successful once cyclical output is replaced with labor’s share. The second camp argues for a wholesale replacement of fixed prices, e.g., with ‘sticky information.’ We take up the question by estimating a ‘dual stickiness’ model that integrates sticky prices and information. We find that both rigidities are present in aggregate U.S. data. Thus, sticky information cannot replace sticky prices. Our dual stickiness model performs comparably to the hybrid sticky price model, which allows for a fraction of backward-looking firms. In particular, the hybrid model’s backward-looking behavior arises endogenously under dual stickiness. As such, the dual stickiness model (with an estimated seven month average information delay) may provide more plausible microeconomic foundations. |
| 会場： (Place) |
神戸大学経済経営研究所 調査室 （兼松記念館1階） Seminar Room at RIEB (Kanematsu Memorial Hall 1st Floor) |
| 対象： （Intended Audience) |
教員、院生および同等の知識をお持ちの方 Faculty, Graduate Students and People with Equivalent Knowledge |
| 備考： (Note) |
論文のコピーは研究助成室にご用意しております。 |