电子科技大学：《高级宏观经济学 Advanced Macroeconomics》课程教学资源（课件讲稿）Lecture 07 Micro Foundations of Incomplete Nominal Adjustment

ADVANCED MACROECONOMICS Lecture 7 Micro Foundations of Incomplete Nominal Adjustment 电子科大经管学院马捷

ADVANCED MACROECONOMICS Lecture 7 Micro Foundations of Incomplete Nominal Adjustment 电子科大经管学院 马捷 1

Outline -The Lucas Incomplete-Information model With perfect information With imperfect information Time dependent price adjustment ·Fischer model .Taylor model State dependent price adjustment 。Caplin-Spulber Model 电子科大经管学院马捷 2

Outline  The Lucas Incomplete-Information model • With perfect information • With imperfect information  Time dependent price adjustment • Fischer model • Taylor model  State dependent price adjustment • Caplin—Spulber Model 电子科大经管学院 马捷 2

Lucas Model with Perfect Information Personal production: Personal consumption:C=P;Q;/P=PL/P Personal utility: U,=c,-↓Ly=fc,iy>1 2 PL/P--L 电子科大经管学院马捷 3

3 Qi  Li Lucas Model with Perfect Information Personal consumption:Ci  PiQi P  Pi Li P Personal production:      i i P L P L U C L f c L i i i i i i 1 ( , ), 1 1         Personal utility: 电子科大经管学院 马捷

U,= PL-LL→ Y FOC: aU1=0→ D L-1=0 aLi 1 →nL,= 1(In P-InP) ,- 1 电子科大经管学院马捷 4 一一元 元元元元元元元元

4      i i i i L PP L U 1 FOC: ( ) 1 1 ln ln 1 1 ( ) ln 0 0 1 1 1 l p p L P P P P L L P P L U i i i i i i i i i i                       （ ） 电子科大经管学院 马捷

Demand for good i: 9:=y+2;-7(p,-p),7>0 The aggregate demand:y=m-p In equilibrium,demand supply, i.e.9,=l→ P-p)=y+:-n,-p) 电子科大经管学院马捷 5

5  Demand for good i:  The aggregate demand: y = m - p  In equilibrium, demand = supply, i.e. i i i i i i y q p p z q y z p p          0 ( ), 0 电子科大经管学院 马捷 qi  li  ( ) ( ) 1 1 p p y z p p i    i  i    