Relative prices as aggregate supply shocks with trend inflation

被引：3
|
作者：
Demery, David [1 ]
Duck, Nigel W. [1 ]
机构：
[1] Univ Bristol, Bristol BS8 1TH, Avon, England
来源：
JOURNAL OF MONEY CREDIT AND BANKING | 2008年 / 40卷 / 2-3期
关键词：
inflation; menu cost; commodity price variance; commodity price skewness;
D O I：
10.1111/j.1538-4616.2008.00118.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Ball and Mankiw (1995) use a static menu-cost model to explain the historical behavior of the first and higher moments of commodity price changes in U.S. producer prices. We show that when appropriately modified for a world of positive trend inflation and forward-looking behavior by firms, the menu-cost model predicts a much weaker (possibly zero) correlation between the mean and the skewness of price changes than that found in the data.
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页码：389 / 408
页数：20
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