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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A Century of US Central Banking: Goals, Frameworks, Accountability
TL;DR: Several key episodes in the 100-year history of the Federal Reserve have been referred to in various contexts with the adjective "great" attached to them: the Great Experiment of the United States Federal Reserve's founding, the Great Depression and the Great Moderation.
Journal ArticleDOI
International Competition and Inflation: A New Keynesian Perspective †
TL;DR: This article developed and estimated an open economy New Keynesian Phillips Curve (NKPC) in which variable demand elasticities give rise to movements in desired markups in response to changes in competitive pressure from abroad.
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Inflation Dynamics in the Euro Area and the Role of Expectations
TL;DR: In this paper, the authors examined the empirical performance of the New Keynesian Phillips curve and its hybrid specification in the euro area and found that the output gap is at least as good as labor income share as a proxy for real marginal cost.
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Rare Shocks, Great Recessions
TL;DR: In this paper, the authors estimate a DSGE model where rare large shocks can occur, but replace the commonly used Gaussian assumption with a Student´s t-distribution.
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Credibility and the Dynamics of Stabilization Policy: A Basic Framework
TL;DR: In this paper, the authors studied price stabilization policy under both predetermined and flexible exchange rates, and showed that a non-credible stabilization program results in an initial expansion of output, followed by a later recession.
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.
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"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.