Sacrifice Ratio in a Medium‐Scale New Keynesian Model
用一个包含多种名义和实际摩擦的中等规模宏观经济模型，量化解释了去通胀货币政策后牺牲率的经验估计值，并发现该结果对价格和工资的指数化程度敏感。
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.