Disinflation in a DSGE perspective: Sacrifice ratio or welfare gain ratio?

被引：17
|
作者：
Ascari, Guido [1 ]
Ropele, Tiziano [2 ,3 ]
机构：
[1] Univ Pavia, Dept Econ & Quantitat Methods, I-27100 Pavia, Italy
[2] IfW, Kiel, Germany
[3] Bank Italy, Florence, Italy
来源：
JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2012年 / 36卷 / 02期
关键词：
Disinflation; Sacrifice ratio; Non-linearities; MONETARY-POLICY; IMPERFECT CREDIBILITY; BUSINESS CYCLES; NOMINAL RIGIDITIES; INFLATION INERTIA; STAGGERED PRICES; DEPENDENT RULES; COST; RISK; MODEL;
D O I：
10.1016/j.jedc.2011.11.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
When used to examine disinflation monetary policies, the current workhorse dynamic stochastic general equilibrium model of business cycle fluctuations is able to quantitatively account for the main stylized facts in terms of recessionary effects and sacrifice ratio. We complement the transitional analysis of the short-run costs with a rigorous welfare evaluation and show that, despite the long-lasting economic downturn, disinflation entails non-zero overall welfare gains. (C) 2011 Elsevier B.V. All rights reserved.
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页码：169 / 182
页数：14
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