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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Price, sales, and the business cycle: Microeconomic evidence
TL;DR: In this article , the authors used a rich weekly price database from the largest supermarket in Uruguay to analyze the relationship among prices, micro-level sales, and business cycle conditions, and showed a positive and statistically significant but small relationship between sales and unemployment at the aggregate level, controlling for product and time effects.
Posted Content
Reassessing price adjustment costs in DSGE models
TL;DR: In this paper, the first difference of inflation is defined as a speed change, and the authors find that this pattern can be captured by adjustment costs precisely from the first change of inflation.
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Monetary-Fiscal Game Analyzed Using a Macroeconomic Model for Poland
TL;DR: In this paper, a monetary-fiscal game is formulated and analyzed, where each authority tries to achieve its own goal: the fiscal authority assumed GDP growth, and the monetary authority -an inflation level.
Journal ArticleDOI
Online Appendix to Identifying News Shocks with Forecast Data
Yasuo Hirose,Takushi Kurozumi +1 more
TL;DR: To analyze the role of observed expectational variables in the identification of news shocks with longer forecast horizon, the model presented in Section 2 is extended to include an autoregressive process incorporated with news shocks up to five quarters ahead.
Journal ArticleDOI
Phillips curve and long-run inflation under commitment
TL;DR: In this paper, the optimal long run rate of inflation in the presence of a hybrid Phillips curve, which nests a purely backward-looking Phillips curve and the purely forward-looking New Keynesian Phillips curve (NKPC) as special limiting cases, was derived.
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.