Replication data for: Sticky Prices versus Monetary Frictions: An Estimation of Policy Trade-Offs
Principal Investigator(s): View help for Principal Investigator(s) S. Borağan Aruoba; Frank Schorfheide
Version: View help for Version V1
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| AEJMacro-20090177_data | 08/03/2019 06:11:AM | ||
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text/plain | 14.6 KB | 08/03/2019 02:11:AM |
Project Citation:
Project Description
Summary:
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We develop a two-sector monetary model with a centralized and decentralized market. Activities in the centralized market resemble those in a standard New Keynesian economy with price rigidities. In the decentralized market agents engage in bilateral exchanges for
which money is essential. This paper is the first to formally estimate such a model, evaluate its fit based on postwar US data, and assess its money demand properties. Steady-state welfare calculations reveal that the distortions created by the monetary friction may be of similar magnitude as the distortions created by the New Keynesian friction. (JEL C54, E12, E31, E41, E52)
Scope of Project
JEL Classification:
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C54 Quantitative Policy Modeling
E12 Keynes • Keynesian • Post-Keynesian
E52 Monetary Policy
E41 Demand for Money
E31 Price Level • Inflation • Deflation
C54 Quantitative Policy Modeling
E12 Keynes • Keynesian • Post-Keynesian
E52 Monetary Policy
E41 Demand for Money
E31 Price Level • Inflation • Deflation
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