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R&D Shocks, News Shocks, and Price Levels

Jinnai, Ryo - 2014

This paper proposes a structural explanation for a news shock. My hypothesis is that a surprise, research and … development sector-specific productivity shock may be identified and labeled as news by prominent empirical research in the … shock, and I apply identification methods proposed in the literature to the simulated data. I find evidence supporting that …

Persistent link: https://www.econbiz.de/10013053771

Dispersed Information, Nominal Rigidities and Monetary Business Cycles : A Hayekian Perspective

Hellwig, Christian; Venkateswaran, Venky - National Bureau of Economic Research - 2024

We study the propagation of nominal shocks in a dispersed information economy where firms learn from and respond to information generated by their activities in product and factor markets. We prove the existence of a "Hayekian benchmark", defined by conditions under which imperfect information...

Persistent link: https://www.econbiz.de/10015145165

Alternative Measures of Underlying Inflation in the Euro Area

Conflitti, Cristina - 2021

This paper proposes two measures of underlying inflation for euro area as an alternative to the Harmonized Index of Consumer Prices excluding Food and Energy. The first measure, called the Core cycle measure, is constructed by using a Phillips curve model to distinguish disaggregated prices that...

Persistent link: https://www.econbiz.de/10013233156

The COVID-19 Shock and a Fiscal-Monetary Policy Mix in a Monetary Union

Bartocci, Anna; Notarpietro, Alessandro; Pisani, … - 2021

union in response to the COVID-19 shock. The pandemic is modelled as a mix of recessionary demand and supply shocks …

Persistent link: https://www.econbiz.de/10013233159

Uniform and nonuniform staggering of wage contracts

Danziger, Leif - 2010

This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic...

Persistent link: https://www.econbiz.de/10003982016

Uniform and nonuniform staggering of wage contracts

Danziger, Leif - 2010

Persistent link: https://www.econbiz.de/10003983623

Heterogeneous consumers, segmented asset markets, and the effects of monetary policy

Enders, Zeno - 2012

This paper examines how segmented asset markets can generate real and nominal effects of monetary policy. I develop a model, in which varieties of consumption bundles are purchased sequentially. Newly injected money thus disseminates slowly through the economy via second-round effects and...

Persistent link: https://www.econbiz.de/10009679087

Non-uniform staggered prices and output persistence

Söderberg, Johan - 2009

Staggered prices are a fundamental building block of New Keynesian dynamic stochastic general equilibrium models. In the standard model, prices are uniformly staggered but recent empirical evidence suggest that deviations from uniform staggering are common, This paper analyzes how...

Persistent link: https://www.econbiz.de/10003912117

Information flows and aggregate persistence

Kryvtsov, Oleksiy - 2009

Models with imperfect information that generate persistent monetary nonneutrality predominantly rely on assumptions leading to substantial heterogeneity of information across price-setters. This paper develops a quantitative general equilibrium model in which the degree of heterogeneity of...

Persistent link: https://www.econbiz.de/10003823147

Price rigidity and the origins of aggregate fluctuations

Pasten, Ernesto; Schoenle, Raphael; Weber, Michael - 2018 - This version: August 2018

as large as those arising from an aggregate productivity shock. Heterogeneous price rigidity amplifies the aggregate …

Persistent link: https://www.econbiz.de/10011891743