Sacrifice Ratio in a Medium‐Scale New Keynesian Model

Guido Ascari and Tiziano Ropele

Journal of Money, Credit and Banking, 2012, vol. 44, issue 2‐3, 457-467

Abstract: A medium‐scale macroeconomic model, with a number of nominal and real frictions that have been shown to be important for explaining observed aggregate fluctuations, is capable to quantitatively account for the empirically estimated sacrifice ratio after a disinflationary monetary policy. This finding, however, is sensitive to the degrees of price and wage indexation to past inflation and, to a less extent, to the price and wage Calvo probabilities.

Date: 2012
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https://doi.org/10.1111/j.1538-4616.2011.00495.x

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Persistent link: https://EconPapers.repec.org/RePEc:wly:jmoncb:v:44:y:2012:i:2-3:p:457-467

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