I explore the aggregate effects of micro lumpy labor adjustment in a prototypical RBC model, which embeds a stochastic labor duration mechanism in the spirit of Calvo(1983), and it extends this approach by introducing a Weibull-distributed labor adjustment process to capture the increasing...

Whelan (2007) found that the generalized Calvo-sticky-price model fails to replicate a typical feature of the empirical reduced-form Phillips curve - the positive dependence of inflation on its own lags. In this paper, I show that it is the 4-period-Taylor-contract hazard function he chose that...

We consider the problem of estimating functional derivatives and gradients in the framework of a regression setting where one observes functional predictors and scalar responses. Derivatives are then defined as functional directional derivatives that indicate how changes in the predictor...

This paper presents a new mechanism through which monetary policy rules affect inflation persistence. When assuming that price reset hazard functions are not constant, backward- looking dynamics emerge in the NKPC. This new mechanism makes the traditional demand channel of monetary transmission...

type="main" xml:id="rssb12036-abs-0001" <title type="main">Summary</title> <p>Functional additive models provide a flexible yet simple framework for regressions involving functional predictors. The utilization of a data-driven basis in an additive rather than linear structure naturally extends the classical functional linear...</p>

This paper studies the implication of unit root supply shocks for the Taylor rule. I find that, when supply shocks have a unit root, if a central bank wishes to guarantee the stationarity of inflation, then their interest rate reaction function should not respond to the output gap. Once the...

We propose an iterative estimation procedure for performing functional principal component analysis. The procedure aims at functional or longitudinal data where the repeated measurements from the same subject are correlated. An increasingly popular smoothing approach, penalized spline...

The estimation of a regression function by kernel method for longitudinal or functional data is considered. In the context of longitudinal data analysis, a random function typically represents a subject that is often observed at a small number of time points, while in the studies of functional...