The Role of Sticky Prices in an Open Economy Dsge Model: A Bayesian Investigation
用开放经济DSGE模型研究价格粘性如何解释通胀和多个宏观变量的共同变动，发现国内、出口和进口部门的价格粘性都很重要，即使考虑时变通胀目标和自相关加成冲击也是如此。
In this paper we use a Dynamic Stochastic General Equilibrium (DSGE) model for an open economy to examine the role of sticky prices in explaining the joint behaviour of inflation and a fairly large set of macroeconomic variables. We find that price stickiness is an important feature for firms active in the domestic, export and import sectors, even though the model embodies variable capital utilisation, a working-capital channel and a time-varying inflation target. We also document that price stickiness in all sectors is important even if the markup shocks are allowed to be autocorrelated, although the implied average contract duration falls substantially under this assumption.