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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The return of the Phillips curve and other recent developments in business cycle theory
TL;DR: In this paper, the authors argue that the evolution of business cycle theory has itself some cyclical elements (i.e., of a return to early situations), which reflect not only a deeper understanding of the phenomenon, but also an increasing standard of rigor and relevance.
Journal ArticleDOI
Towards a compact, empirically-verified rational expectations model for monetary policy analysis
TL;DR: This article extended the sticky-price models of Fuhrer and Moore (1995a,b) to include explicit, optimization-based consumption and investment decisions and used the resulting model for monetary policy analysis; consequently, strong emphasis is placed on empirical validation of the model.
Journal ArticleDOI
Testing the New Keynesian Phillips curve through Vector Autoregressive models: Results from the Euro area
TL;DR: In this paper, the authors address the issue of testing the hybrid New Keynesian Phillips Curve (NKPC) through Vector Autoregressive (VAR) systems and likelihood methods, giving special emphasis to the case where the variables are non-stationary.
Posted Content
Online Appendix to "Firm-Specific Capital, Nominal Rigidities and the Business Cycle"
TL;DR: In this paper, the first-order conditions for the first try of the first attempt of the second try of a capital utilisation decision were discussed, and the second-order condition for the third try were discussed.
Journal ArticleDOI
New Keynesian or RBC transmission? The Effects of Fiscal Policy in Labor Markets
Evi Pappa,Evi Pappa +1 more
TL;DR: In this paper, the authors study the mechanics of transmission of fiscal shocks to labor markets and characterize a set of robust implications following government consumption, investment and employment shocks in a RBC and a New-Keynesian model and use part of them to identify shocks in the data.
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.