Output persistence from monetary shocks with staggered prices or wages under a Taylor Rule

Daros, Sebastiano
Rankin, Neil

Publication date

November 2009

DOI

10.1016/j.econlet.2009.07.001

Publisher

Elsevier BV

ISSN

0165-1765

Citation count (estimate)

Abstract

We analytically examine output persistence from monetary shocks in a DSGE model with staggered prices or wages under a Taylor Rule. Surprisingly, while Taylor-style staggering never yields persistence, Calvo-style staggering of wages does generate persistence under decreasing returns to labour. (C) 2009 Elsevier B.V. All rights reserved

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Output persistence from monetary shocks with staggered prices or wages under a Taylor Rule

Abstract

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Output persistence from monetary shocks with staggered prices or wages under a Taylor Rule

Abstract

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