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Macroeconomic Theory$
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Jean-Pascal Benassy

Print publication date: 2011

Print ISBN-13: 9780195387711

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195387711.001.0001

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Nominal Rigidities and Fluctuations

Nominal Rigidities and Fluctuations

(p.291) 13 Nominal Rigidities and Fluctuations
Macroeconomic Theory

Jean-Pascal Bénassy

Oxford University Press

This chapter defines the use of the Dynamic Stochastic General Equilibrium (DSGE) models with perfect or imperfect competitions. It states that the solution to fluctuations brought by demand shocks is to introduce different models for nominal price and wage rigidities to the system. It indicates that several formalizations of rigidities have responded well to nominal shocks. This chapter also includes sample problems regarding the Taylor model, inflation persistence, Calvo and Calvo-Fischer: Comparative Dynamics, and DSGE model with sticky wages.

Keywords:   wage rigidities, nominal rigidities, formalizations of rigidities, nominal shocks, wage setting schemes, Dynamic Stochastic General Equilibrium models

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