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Federal Reserve Bank of Chicago
Nominal Rigidities and the Dynamic
Effects of a Shock to Monetary Policy
By: Lawrence J. Christiano, Martin
Eichenbaum and Charles L. Evans
WP 2001-08
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inflation (APR)
real wage
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0.2
0.1
0.2
0
0
-0.1
-0.2
-0.4
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5
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interest rate (APR)
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1
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consumption
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20
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productivity
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0.3
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Figure 2: Price Level, Output and Money Stock
0.6
0.5
Output
0.4
Percent Deviation From Unshocked Path
Money Stock
0.3
0.2
0.1
0
-0.1
-0.2
Price Level
0
2
4
6
8
10
Quarters
12
14
16
18
20
Flexible Wages
0.5
0
0
0
-0.5
0.5
5
10
15
20
0
-0.5
output
investment
consumption
Flexible Prices,
0.5
1
-1
1
5
10
15
20
5
10
15
20
-2
5
10
15
20
0.5
5
10
15
20
profits
5
5
10
15
20
-0.5
1
-1
1
-1
2
-2
0.5
-0.5
0.5
5
10
15
20
-0.5
5
5
10
15
20
10
15
20
-5
0.5
5
10
15
20
-0.5
1
5
10
15
20
5
10
15
20
5
10
15
20
5
10
15
20
5
10
15
20
5
10
15
20
5
10
15
20
0
5
10
15
20
-1
1
0
5
10
15
20
-1
2
0
5
10
15
20
-2
0.5
0
5
10
15
20
-0.5
0.5
0
5
10
15
20
0
5
-0.5
0
0
0
-5
20
0
0
-0.5
15
0
0
-0.5
10
0
0
0.5
0.5
5
0
0
2
-0.5
0
0
-1
productivity
AR(1) Money Growth,
0.5
interest rate (apr)
real wage
inflation (apr)
Figure 3:
-0.5
5
0
5
10
15
20
-5
Textbook Growth Model Specification,
No Habit Persistence
0.5
0.5
0
0
0
0
-0.5
0.5
5
10
15
20
0
-0.5
output
investment
consumption
No Investment Adjustment Costs,
0.5
1
-1
1
5
10
15
20
5
10
15
20
-2
5
10
15
20
0.5
5
10
15
20
profits
5
5
10
15
20
-0.5
1
-1
1
-1
2
-2
0.5
-0.5
0.5
5
10
15
20
-0.5
5
5
10
15
20
10
15
20
-5
0.5
5
10
15
20
-0.5
1
5
10
15
20
-1
1
5
10
15
20
10
15
20
-1
2
5
10
15
20
10
15
20
-2
0.5
5
10
15
20
10
15
20
-0.5
0.5
5
10
15
20
10
15
20
-0.5
5
5
10
15
20
10
15
20
-5
20
-0.5
1
5
10
15
20
-1
1
5
10
15
20
-1
2
5
10
15
20
-2
0.5
5
10
15
20
-0.5
0.5
5
10
15
20
5
10
15
20
5
10
15
20
0
5
10
15
20
0
5
15
0
0
5
10
0
0
5
5
0
0
5
0.5
0
0
5
-0.5
0
0
0
5
-0.5
0
0
0
-5
20
0
0
-0.5
15
0
0
-0.5
10
0
0
0.5
0.5
5
0
0
2
-0.5
0
0
-1
productivity
No Captital Utilization,
0.5
interest rate (apr)
real wage
inflation (apr)
Figure 4:
-0.5
5
0
5
10
15
20
-5
lambdaf = 1.05,
0.5
0
0
-0.5
0.5
-0.5
output
investment
consumption
2
4
6
8
10
12
14
16
18
20
0
1
-1
1
2
4
6
8
10
12
14
16
18
20
2
4
6
8
10
12
14
16
18
20
-2
2
4
6
8
10
12
14
16
18
20
0.5
2
4
6
8
10
12
14
16
18
20
profits
5
2
4
6
8
10
12
14
16
18
20
8
10
12
14
16
18
20
-0.5
1
2
4
6
8
10
12
14
16
18
20
-1
1
2
4
6
8
10
12
14
16
18
20
-1
2
2
4
6
8
10
12
14
16
18
20
-2
0.5
2
4
6
8
10
12
14
16
18
20
-0.5
0.5
2
4
6
8
10
12
14
16
18
20
2
4
6
8
10
12
14
16
18
20
2
4
6
8
10
12
14
16
18
20
0
2
4
6
8
10
12
14
16
18
20
0
-5
6
0
0
-0.5
4
0
0
-0.5
2
0
0
0.5
0.5
0
0
2
-0.5
0
0
-1
productivity
static indexation (optimized)
0.5
interest rate (apr)
real wage
inflation (apr)
Figure 5:
-0.5
5
0
2
4
6
8
10
12
14
16
18
20
-5
@FedFRASER