I present a survey that compares the New Keynesian Model (NKM), commonly used as the standard tool to analyze monetary policy, and the Sticky Information Model (SIM), recently proposed by Mankiw and Reis (2002). The two models are both able to replicate the basic monetary facts although the SIM is successful in several dimensions along which the NKM fails.
Sticky Prices or Sticky Information?
MORO, ALESSIO
2007-01-01
Abstract
I present a survey that compares the New Keynesian Model (NKM), commonly used as the standard tool to analyze monetary policy, and the Sticky Information Model (SIM), recently proposed by Mankiw and Reis (2002). The two models are both able to replicate the basic monetary facts although the SIM is successful in several dimensions along which the NKM fails.
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