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The Macroeconomics of Sticky Prices with Generalized Hazard Functions
Alvarez, Fernando E. - 2020
We give a thorough analytic characterization of a large class of sticky-price models where the firm's price setting behavior is described by a generalized hazard function. Such a function provides a tractable description of the firm's price setting behavior and allows for a vast variety of...
Persistent link: https://www.econbiz.de/10012481629
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Wages and Prices Are Not Always Sticky : A Century of Evidence for the United States, United Kingdom, and Japan
Gordon, Robert J. - 1982
empirical characterization of price and wage changes over the last century in the U.S., U.K., and Japan, in order to demonstrate … phenomenon rather than the universal fact implied by Okun. The results for the U.K. and Japan com- pound the conflict with Okun … particularly flexible in the U.S. during World War I and its aftermath, in Japan since 1914, and in the U.K. since the mid-1950s …
Persistent link: https://www.econbiz.de/10012478264
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The Law of One Price Without the Border : The Role of Distance Versus Sticky Prices
Crucini, Mario J. - 2009
cities in Japan. Focusing on intra-national relative prices isolates the border effect and thus enables us to extract the …
Persistent link: https://www.econbiz.de/10012463812
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Consistent Evidence on Duration Dependence of Price Changes
Alvarez, Fernando; Borovičkova, Katarina; Shimer, Robert - National Bureau of Economic Research - 2021
We develop an estimator and tests of a discrete time mixed proportional hazard (MPH) model of duration with unobserved heterogeneity. We allow for competing risks, observable characteristics, and censoring, and we use linear GMM, making estimation and inference straightforward. With repeated...
Persistent link: https://www.econbiz.de/10012599402
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Contagion During the Initial Banking Panic of the Great Depression
Heitfield, Erik - 2017
The initial banking crisis of the Great Depression has been the subject of debate. Some scholars believe a contagious panic spread among financial institutions. Others argue that suspensions surged because fundamentals, such as losses on loans, drove banks out of business. This paper nests those...
Persistent link: https://www.econbiz.de/10012455053
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Optimal interest-rate rules
Giannoni, Marc Paolo; Woodford, Michael - 2002
Persistent link: https://www.econbiz.de/10001731309
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Monetary Policy in the Open Economy Revisited : Price Setting and Exchange Rate Flexibility
Devereux, Michael B. - 2000
This paper develops a welfare-based model of monetary policy in an open economy. We focus on the extent to which monetary policy should be employed in maintaining the exchange rate. The traditional approach maintains that exchange rate flexibility is desirable in the presence of real...
Persistent link: https://www.econbiz.de/10012471102
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Sticky-Price Models of the Business Cycle : Specification and Stability
Ireland, Peter N. - 2000
This paper focuses on the specification and stability of a dynamic, stochastic, general equilibrium model of the American business cycle with sticky prices. Maximum likelihood estimates reveal that the data prefer a version of the model in which adjustment costs apply to the price level but not...
Persistent link: https://www.econbiz.de/10012471265
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Understanding Inflation : Implications for Monetary Policy
Cecchetti, Stephen G. - 2000
This paper discusses how optimal monetary policy is affected by differences in the combination of shocks an economy experiences and the rigidities it exhibits. Without both nominal rigidities and economic shocks, monetary policy would be irrelevant. Recognizing this, policymakers increasingly...
Persistent link: https://www.econbiz.de/10012471294
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New Directions for Stochastic Open Economy Models
Obstfeld, Maurice - 1999
The paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows one to analyze the effects of the monetary regime on welfare, expected output, and the expected terms of trade....
Persistent link: https://www.econbiz.de/10012471471