A STICKY-DISPERSED INFORMATION PHILLIPS CURVE: A MODEL WITH PARTIAL AND DELAYED INFORMATION

被引：0

作者：

Areosa, Marta B. M. ^{[1
]}

Areosa, Waldyr D. ^{[1
]}

Carrasco, Vinicius ^{[2
]}

机构：

[1] Pontificia Univ Catolica Rio de Janeiro, Banco Cent Brasil, Rio de Janeiro, Brazil

[2] Pontificia Univ Catolica Rio de Janeiro, Rio de Janeiro, Brazil

来源：

MACROECONOMIC DYNAMICS | 2020年 / 24卷 / 04期

关键词：

Sticky Information; Dispersed Information; Phillips Curve; MONETARY-POLICY; SOCIAL VALUE; PRICES;

D O I：

10.1017/S1365100518000470

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study the interaction between dispersed and sticky information by assuming that firms receive private noisy signals about the state in an otherwise standard model of price setting with sticky information. We compute the unique equilibrium of the game induced by the firms' pricing decisions and derive the resulting Phillips curve. The main effect of dispersion is to magnify the immediate impact of a given shock when the degree of stickiness is small. Its effect on persistence is minor: even when information is largely dispersed, a substantial amount of informational stickiness is needed to generate persistence in aggregate prices and inflation.

引用

页码：747 / 773

页数：27

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