How to Compare Taylor and Calvo Contracts: A Comment on Michael Kiley
指出迈克尔·基利等人比较泰勒和卡尔沃价格调整模型时参数选择不当，应比较平均合同年龄而非完成长度，调整后两模型差异缩小，且泰勒经济中产出自相关可能更大。
In a recent paper, Michael Kiley argued that the Calvo model of price adjustment is both quantitatively and qualitatively different from the Taylor model. What we show is that Kiley (along with most other people) are choosing the wrong parameterization to compare the two models. In effect they are comparing the average age of Calvo contracts with the completed length of Taylor contracts. When we compare the average age of Taylor contracts with the average of Calvo, the differences become much smaller and easier to understand. We also show that autocorrelation of output can be larger in a Taylor economy than in the age-equivalent Calvo economy.