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Klenow, Peter J. - 2010

The last decade has seen a burst of micro price studies. Many studies analyze data underlying national CPIs and PPIs. Others focus on more granular sub-national grocery store data. We review these studies with an eye toward the role of price setting in business cycles. We summarize with ten...

Persistent link: https://www.econbiz.de/10013146514

The Impact of Sugar-Sweetened Beverage Taxes on Purchases : Evidence from Four City-Level Taxes in the U.S

Cawley, John - 2019

Since 2017, many U.S. cities have implemented taxes on sugar-sweetened beverages (SSBs) to decrease consumption of sugary beverages and raise revenue. In this paper, we analyze household receipt data to examine the impact of SSB taxes on households' purchases of taxed and untaxed beverages in...

Persistent link: https://www.econbiz.de/10012860842

Are Poor Cities Cheap for Everyone? Non-Homotheticity and the Cost of Living Across U.S. Cities

Handbury, Jessie - 2020

This paper shows that the products and prices offered in markets are correlated with local income-specific tastes. To quantify the welfare impact of this variation, I calculate local price indexes micro-founded by a model of non-homothetic demand over thousands of grocery products. These indexes...

Persistent link: https://www.econbiz.de/10012845502

Optimal Price Indices for Targeting Inflation Under Incomplete Markets

Anand, Rahul - 2011

In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. In this paper, we develop a two-sector two-good closed economy new Keynesian model to study the optimal choice of price index in markets with...

Persistent link: https://www.econbiz.de/10013133080

Is the Fiscal Theory of the Price Level Learnable?

McCallum, Bennett T. - 2010

This paper presents a prototype model for development of the fiscal theory of the price level.' In this simple setting …, the fiscal theory's distinctiveness relies upon adoption of a bubble solution, rather than the rational …

Persistent link: https://www.econbiz.de/10013136352

A Semi-Classical Model of Price Level Adjustment

McCallum, Bennett T. - 2011

This paper investigates the theoretical and empirical properties of a model of aggregate supply behavior that was introduced in the 1970s but has received inadequate attention. The model postulates that price changes occur so as to gradually eliminate discrepancies between actual and...

Persistent link: https://www.econbiz.de/10013125233

Microeconomic Rigidities and Aggregate Price Dynamics

Caballero, Ricardo J. - 2007

This paper is an attempt to enrich the characterization of the sluggish behavior of the aggregate price level. Our contribution to this vast literature is to explicitly consider microeconomic heterogeneity and its interaction with nonlinear microeconomic price adjustment policies. The model we...

Persistent link: https://www.econbiz.de/10012776846

Monetary-Fiscal Policy Interactions and the Price Level : Background and Beyond

Leeper, Eric M. - 2005

The paper presents the fiscal theory of the price level in a variety of models, including endowment economies with lump …-sum taxes and production economies with proportional income taxes. We offer a microeconomic perspective on the fiscal theory by … level. Under certain assumptions on monetary and fiscal behavior, the revaluation effect reflects the fiscal theory …

Persistent link: https://www.econbiz.de/10012784238

A Requiem for the Fiscal Theory of the Price Level

Farmer, Roger E. A. - 2019

We demonstrate that the Fiscal Theory of the Price Level (FTPL) cannot be used to determine the price level uniquely in …

Persistent link: https://www.econbiz.de/10012894996

Price Level Determinacy Without Control of a Monetary Aggregate

Woodford, Michael - 2010

control of the price level. Price level determination under such regimes can be understood in terms of a 'fiscal theory of the … the fiscal theory of the price level to exogenous-money regimes is sketched as well …

Persistent link: https://www.econbiz.de/10012763721

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