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本文估计了两个新凯恩斯主义最优粘性价格模型并评估利用模型如何描述美国的产出,通货膨胀和利率变动。我们考虑模型中内在习惯形成是否影响消费者行为,并说明Calvo定价方法和通货指数形成价格和通胀惯性。服从受制于家庭和公司行为的货币政策根据判断而制定,该模型的时间一致均衡原则是用来估计关键行为参数的。我们发现以消费数据为估计对象的规范模型比以产出数据为对象的估计模型运行地更好,这一现象在研究内生变量时更显著。
This article estimates two new Keynesian sticky price models and assesses how the model can be used to describe output, inflation and interest rate changes in the United States. We consider whether the built-in habituality in the model affects consumer behavior and explain the formation of price and inflation inertia by the Calvo pricing method and the inflation index. Monetary policies subject to family and corporate behavior are based on judgment and the time-consistent equilibrium principle of the model is used to estimate key behavioral parameters. We find that the normative model that uses the consumption data as the estimation object works better than the estimation model that is based on the output data. This phenomenon is more significant when studying endogenous variables.