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Sektor producentów pośrednich w empirycznym modelu równowagi ogólnej

100%
Wróbel-Rotter R.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
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2011
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issue 872
73-93
EN
The paper is the second of three on methods for building the Dynamic General Equilibrium model. The presentation includes details of microeconomic optimisation problems for intermediate goods producers that play a key role in the process of the inflation dynamic. Profit maximisation behaviour at the microeconomic level is included in the inertial mechanism that allows macroeconomic persistence to be achieved. The mechanism restricts the frequency of intermediate goods price decisions and, as a consequence, the model is able to mimic observed inflation inertia. The final part of the paper sums up the structural equations of the model and stochastic processes which govern the time path of the variables. The key equation in the model, which is obtained on the basis of the production sector, is called the New-Keynesian Phillips curve and defines the relationship between aggregated output and the interest rate and inflation.
2

Empiryczne modele równowagi ogólnej: gospodarstwa domowe i producent finalny

100%
Wróbel-Rotter R.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2011
|
issue 869
109-128
EN
The paper is the first of three parts that present methods for building a dynamic general equilibrium model. The presentation includes details of micro-economic optimisation problems, ways of solving them and techniques for deriving first order conditions. The representative household maximises the expected, discounted sum of utilities that are a function of consumption and labour. The solution to the problem leads to the Euler equation, which links output to the interest rate and inflation. Other optimality conditions set optimally the consumption/labour ratio and the consumption allocation over time. The second part of the paper examines the profit maximisation of the final producer of a good that is needed to obtain demand functions for the intermediate goods, which are treated as exogenous by intermediate producers. All derived equations appear in the standard New-Keynesian model.
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