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Can Wage and Price Stickiness Account for Sizeable Costs of Business Cycle Fluctuations?
Paustian, Matthias - University of Bonn, Germany - 2004
have the same average duration of contracts. Calvo (1983) wage and price contracts can deliver sizeable welfare costs, but … other contracts of the same average stickiness cannot. Calvo (1983) contracts can imply welfare costs that are up to 4 times … account for the average welfare costs of business cycle fluctuations identified in Gali, Gertler, and Lopez- Salido (2003 …
Persistent link: https://www.econbiz.de/10004989600
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The role of contracting schemes for the welfare costs of nominal rigidities
Paustian, Matthias - Society for Computational Economics - SCE - 2005
have the same average duration of contracts. Calvo (1983) wage and price contracts can deliver sizeable welfare costs, but … other contracts of the same average stickiness cannot. Calvo (1983) contracts can imply welfare costs that are up to 4 times … account for the average welfare costs of business cycle fluctuations identified in Gali, Gertler, and Lopez- Salido (2003 …
Persistent link: https://www.econbiz.de/10005706286
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Generalized Taylor and Generalized Calvo price and wage-setting: micro evidence with macro implications
Dixon, H.; Le Bihan, H. - Banque de France - 2011
The Generalized Calvo and the Generalized Taylor model of price and wage-setting are, unlike the standard Calvo and … Taylor counterparts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro … monetary policy transmission by embedding these calibrated models in a standard DSGE model. The Generalized Taylor model is …
Persistent link: https://www.econbiz.de/10008873323
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Taking Multi-Sector Dynamic General Equilibrium Models to the Data
Dixon, Huw; Kara, Engin - School of Economics, Finance and Management, University … - 2011
We estimate and compare two models, the Generalized Taylor Economy (GTE) and the Multiple Calvo model (MC) that have … to those of the standard models such as the Calvo and its popular variant, using the ad hoc device of indexation. The …
Persistent link: https://www.econbiz.de/10009145764
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Taking Multi-Sector Dynamic General Equilibrium Models to the Data
Dixon, Huw; Kara, Engin - İktisat Bölümü, İktisadi ve İdari Bilimler Fakültesi - 2011
We estimate and compare two models, the Generalized Taylor Economy (GTE) and the Multiple Calvo model (MC); that have … to those of the standard models such as the Calvo and its popular variant, using the ad hoc device of indexation. The …
Persistent link: https://www.econbiz.de/10009327804
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Generalized Taylor and Generalized Calvo price and wage-setting: micro evidence with macro implications
Dixon, Huw David; LE BIHAN, Hervé - Economics Section, Cardiff Business School - 2011
The Generalized Calvo and the Generalized Taylor models of price and wage-setting are, unlike the standard Calvo and … Taylor counterparts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro … monetary policy transmission by embedding these calibrated models in a standard DSGE model. The Generalized Taylor model is …
Persistent link: https://www.econbiz.de/10009359845
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Taking Multi-Sector Dynamic General Equilibrium Models to the Data
Dixon, Huw David; Kara, Engin - Economics Section, Cardiff Business School - 2012
We estimate and compare two models, the Generalized Taylor Economy (GTE) and the Multiple Calvo model (MC), that have … to those of the standard models such as the Calvo and its popular variant, using the ad hoc device of indexation. The …
Persistent link: https://www.econbiz.de/10010799037
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Generalized Taylor and Generalized Calvo Price and Wage-Setting: Micro Evidence with Macro Implications
Dixon, Huw D.; Bihan, Hervé Le - CESifo - 2010
The Generalized Calvo and the Generalized Taylor model of price and wage-setting are, unlike the standard Calvo and … Taylor counter-parts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro … monetary policy transmission by embedding these calibrated models in a standard DSGE model. The Generalized Taylor model is …
Persistent link: https://www.econbiz.de/10008572477
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Using Micro Data on Prices to Improve Business Cycle Models
Kara, Engin - School of Economics, Finance and Management, University … - 2012
I embed the pricing model proposed by Dixon and Kara (2011a, b) (i.e. a Generalized Taylor Economy (GTE)) into a state …
Persistent link: https://www.econbiz.de/10010598877
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Understanding and Modelling Reset Price Inflation
Kara, Engin - School of Economics, Finance and Management, University … - 2011
Bils, Klenow and Malin (forthcoming) (BKM) constructed a measure of reset price inflation (i.e. the rate of change of all "desired" prices) for the US. They argue that the existing pricing models cannot explain the observed reset inflation and aggregate inflation. In this paper, I show that a...
Persistent link: https://www.econbiz.de/10009647765