Journal ArticleDOI
Staggered prices in a utility-maximizing framework
TLDR
In this article, the authors developed a model of staggered prices along the lines of Phelps (1978) and Taylor (1979, 1980), but utilizing an analytically more tractable price-setting technology.About:
This article is published in Journal of Monetary Economics.The article was published on 1983-09-01. It has received 8580 citations till now. The article focuses on the topics: Nominal rigidity & Taylor rule.read more
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Journal ArticleDOI
Model-based inflation forecasts and monetary policy rules
Raf Wouters,Michel Dombrecht +1 more
TL;DR: In this article, the interaction between inflation and monetary policy rules is analyzed within the framework of a dynamic general equilibrium model derived from optimising behaviour and rational expectations, and it is illustrated that the control of monetary policy over the inflation process is strongly dependent on the role of forward looking expectations in the price and wage setting process and on the credibility of monetary policies in the expectation formation process of the private sector.
Journal ArticleDOI
The rebuilding macroeconomic theory project: an analytical assessment
TL;DR: The authors reviewed the Rebuilding Macroeconomic Theory Project, in which they asked a number of leading macroeconomists to describe how the benchmark New Keynesian model might be rebuilt, in the wake of the 2008 crisis.
ReportDOI
Evaluating the Calvo Model of Sticky Prices
TL;DR: In this article, the authors investigate whether variants of the classic Calvo (1983) model of sticky prices account for the statistical behavior of post-war US inflation, and they find that they do, but only if they depart from two auxiliary assumptions made in standard expositions of the Calvo model.
Journal ArticleDOI
Internet search behavior as an economic forecasting tool: The case of inflation expectations
TL;DR: In this paper, the authors proposed a measure of real-time inflation expectations based on metadata, i.e., data about data, constructed from internet search queries performed on the search engine Google.
Journal ArticleDOI
Putting the Cycle Back into Business Cycle Analysis
TL;DR: In this paper, the spectral properties of several cyclically sensitive variables such as hours worked, unemployment, and capacity utilization were examined and the authors found that the cyclical properties identified in the data can be well explained by stochastic limit cycles forces, where the exogenous disturbances to the system are very short-lived.
References
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Book
The Theory of Matrices
TL;DR: In this article, the Routh-Hurwitz problem of singular pencils of matrices has been studied in the context of systems of linear differential equations with variable coefficients, and its applications to the analysis of complex matrices have been discussed.
Journal ArticleDOI
Aggregate Dynamics and Staggered Contracts
TL;DR: In this article, the authors show that staggered wage contracts as short as 1 year are capable of generating the type of unemployment persistence which has been observed during postwar business cycles in the United States.
Journal ArticleDOI
"Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule
Thomas J. Sargent,Neil Wallace +1 more
TL;DR: In this paper, alternative monetary policies are analyzed in an ad hoc macroeconomic model in which the public's expectations about prices are rational, and it turns out that the probility distribution of output is independent of the particular deterministic money supply rule in effect.
Book
Public Investment, the Rate of Return, and Optimal Fiscal Policy
Kenneth J. Arrow,Mordecai Kurz +1 more
TL;DR: In this paper, a theory of "controllability" is developed and injected into public economics and growth models to analyze optimal public expenditures in the context of modern growth theory, and a model of optimal growth with public capital is proposed.