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A Model of Rule-of-Thumb Consumers With Nominal Price and Wage Rigidities

Author

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  • Sergio Ocampo Díaz

Abstract

This document presents a dynamic stochastic general equilibrium model with rule of thumb (Non-Ricardian) agents and both nominal price and wage rigidities. The model follows closely that of Galí et al. (2004) and expands it to include a second way form of heterogeneity (besides the Non-Ricardian agents), namely the nominal wage stickiness á la Calvo, as in Erceg et al. (2000). Special attention is given to the algebraic details of the model. The model is calibrated and its dynamics are explored trough the analysis of impulse response functions.

Suggested Citation

  • Sergio Ocampo Díaz, "undated". "A Model of Rule-of-Thumb Consumers With Nominal Price and Wage Rigidities," Vniversitas Económica 10025, Universidad Javeriana - Bogotá.
    • Handle: RePEc:col:000416:010025
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    File URL: http://cea.javeriana.edu.co/documents/153049/2786252/Vol.12_4_2012.pdf/4a328466-3cae-448a-8a03-1d5a806603f5
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    Cited by:

    1. Sergio Ocampo Diaz, 2013. "Rule-of-Thumb Consumers, Nominal Rigidities and the Design of Interest Rate Rules," Research Department Publications IDB-WP-400, Inter-American Development Bank, Research Department.

    More about this item

    Keywords

    DSGE; nominal rigidities; rule of thumb consumers.;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models

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