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
Citations
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Journal ArticleDOI
Likelihood-based cointegration tests in heterogeneous panels
TL;DR: In this paper, a maximum likelihood panel test of the cointegrating rank in heterogeneous panel models based on the mean of the individual rank trace statistics is presented, and the existence of the first two moments of the asymptotic distribution of individual trace statistic is established.
Journal ArticleDOI
Is The Phillips Curve Alive and Well After All? Inflation Expectations and the Missing Disinflation
TL;DR: The authors proposed a new explanation for the absence of disinflation during the Great Recession and found popular explanations to be insufficient, and proposed an explanation for this puzzle within the context of a standard Phillips curve.
Journal ArticleDOI
House prices, consumption, and monetary policy: a financial accelerator approach
TL;DR: The authors consider a general equilibrium model with frictions in credit markets used by households and show that such a change would increase the effect of monetary policy shocks on consumption, but would decrease the effect on house prices and housing investment.
Posted Content
Staggered Price and Wage Setting in Macroeconomics
John B. Taylor,John B. Taylor +1 more
TL;DR: A review of the role of temporary price and wage rigidities in explaining the dynamic relationship between money, real output, and inflation can be found in this paper, which summarizes microeconomic data on price-and wage-setting behavior, and argues that staggered price andwage setting models provide the most satisfactory match with the data.
Book ChapterDOI
Control of the Public Debt: A Requirement for Price Stability?
TL;DR: In this article, the authors address the problem of reducing government deficits and controlling the rate of growth of the outstanding public debt in the European monetary union and present a solution to this problem.
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.