Imperfectly credible disinflation under endogenous time-dependent pricing

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dc.contributor.authorMARCO ANTONIO CESAR BONOMO
dc.contributor.authorCarvalho, Carlospt_BR
dc.coverage.cidadeNão informadopt_BR
dc.coverage.paisNão Informadopt_BR
dc.creatorCarvalho, Carlos
dc.date.accessioned2022-10-27T23:56:25Z
dc.date.available2022-10-27T23:56:25Z
dc.date.issued2008
dc.description.otherThe real effects of an imperfectly credible disinflation depend critically on the extent of price rigidity. In this paper, we examine how credibility affects the outcome of a disinflation in a model with endogenous time-dependent pricing rules. Both the endogenous initial degree of price rigidity and changes in the duration of price spells during disinflation play an important role in explaining the effects of imperfect credibility. We initially consider the costs of disinflation when the degree of credibility is fixed, and then allow agents to use Bayes’ rule to update beliefs about the “type” of monetary authority that they face. In both cases, the interaction between the endogeneity of time dependent rules and imperfect credibility increases the output costs of disinflation. The pattern of the output response is more realistic in the case with learning.pt_BR
dc.format.extent38 p.pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issue355pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4543
dc.language.isoInglêspt_BR
dc.publisherNão informadopt_BR
dc.relation.ispartofFederal Reserve Bank of New York Staff Reportspt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR.pt_BR
dc.subject.keywordsDisinflationpt_BR
dc.subject.keywordsOptimal price settingpt_BR
dc.subject.keywordsEndogenous time-dependent pricingpt_BR
dc.titleImperfectly credible disinflation under endogenous time-dependent pricingpt_BR
dc.typejournal article
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublicationd54ec806-4e91-4f4f-8724-e3a23d67b3aa
relation.isAuthorOfPublication.latestForDiscoveryd54ec806-4e91-4f4f-8724-e3a23d67b3aa
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