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Sectoral Price Stickiness and Inflation Persistence in Poland: A Two-Sector DSGE Approach
Prague Economic Papers ( IF 0.797 ) Pub Date : 2020-04-15 , DOI: 10.18267/j.pep.735
Agnieszka Leszczyńska-Paczesna

This paper presents a theoretical model that is suitable for the analysis of price-setting hetero-geneity in a small open economy. The model is based on Benigno and Lopez-Salido's (2006) work and is one of many examples of a dynamic stochastic general equilibrium (DSGE) model that utilizes heterogeneous price stickiness (e.g., Aoki, 2001; Bodenstein et al., 2008). The model allows analyses of a small open economy by extending the existing multisector models using the mechanisms described by Gali and Monacelli (2005). As a result, the model enables monetary policy analyses that take into account existing sectoral differences in the price-setting mechanisms found in an open economy. In the empirical part of the paper, the model is estimated on data for Poland using Bayesian techniques. The results show that the period 1999-2017 saw significant differences in price stickiness and inflation persistence in the sectors that produce food and energy compared with sectors that produce other goods and services.

中文翻译:

波兰部门价格粘性和通货膨胀持续性:两部门DSGE方法

本文提出了一种理论模型,适用于分析小型开放经济体中的价格设定异质性。该模型基于Benigno和Lopez-Salido(2006)的工作,是利用异质价格粘性的动态随机一般均衡(DSGE)模型的众多示例之一(例如,Aoki,2001; Bodenstein等,2008)。该模型可以通过使用Gali和Monacelli(2005)所描述的机制扩展现有的多部门模型来分析小型开放经济。结果,该模型使货币政策分析能够考虑开放经济中发现的定价机制中现有的部门差异。在本文的实证部分中,使用贝叶斯技术对波兰的数据进行了模型估计。
更新日期:2020-04-15
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