distribution across firms of completed contract lengths. The distribution is consistent with a Generalised Taylor Economy or a … Generalised Calvo model with duration dependent reset probabilities. Equivalent distributions have different degrees of forward …

-biased sampling. Modelling the price-spell durations in this way enables us to see how Taylor, Calvo and their generalizations relate …

distribution across firms of completed contract lengths. The distribution is consistnet with a Generalised Taylor Economy or a … Generalised Calvo model with duration dependent reset probabilities. Equivalent distributions have different degrees of forward …

of Taylor contracts. When we compare the average age of Taylor contracts with the average of Calvo, the differences …In a recent paper, Michael Kiley argued that the Calvo model of price adjustment is both quantitatively and … qualitatively different from the Taylor model. What we show is that Kiley (along with most other people) are choosing the wrong …

durations found in the micro-data to generalized Taylor and Calvo models of time-dependent pricing. We illustrate the approach … Generalized Taylor Economy generates a hump shaped response function, whilst the Generalized Calvo does not. …

pricing schemes—Calvo (1983) and Rotemberg (1982)—under a positive trend inflation rate. Our empirical findings (i) support … statistical superiority of the Calvo setting; (iii) point to a substantially lower degree of price indexation under Calvo. We show … that the superiority of the Calvo model is due to the restrictions imposed by such a pricing scheme on the aggregate demand …