alexa Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Business & Management

Business & Management

Journal of Stock & Forex Trading

Author(s): , Martin Eichenbaum, Charles Evans

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We present a model embodying moderate amounts of nominal rigidities which accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts of average duration three quarters, and variable capital utilization.

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This article was published in National Bureau of Economic Research and referenced in Journal of Stock & Forex Trading

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