The role of relative prices in a generalized new Keynesian Phillips curve
DOI:
https://doi.org/10.18381/eq.v5i1.89Resumen
Literatura reciente atribuye una fracción importante de la volatilidad de la inflación a los “choques de costos”. Este artículo desarrolla y estima un modelo microfundado, dinámico, estocástico y de equilibrio general, el cual establece un papel de primer orden para la dinámica de precios relativos. Una medida de desalineamientos de precios relativos aparece en la nueva curva Keynesiana de Phillips, del modelo, la cual resembla un choque de costos.El análisis de impulso respuesta sugiere que una interpretación alternativa a los efectos de los choques de costos exógenos en la curva de Phillips se basa en la respuesta endógena de los precios relativos a choques exógenos que los perturban.Descargas
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