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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Monetary Policy, Asset Prices and Consumption in China
TL;DR: In this paper, the authors used the structural vector autoregression method to study the wealth channel in China and found that a loosening of China's monetary policy indeed leads to higher asset prices, which in turn are linked to household consumption.
Journal ArticleDOI
Macrodynamics of Economics: A Bibliometric History
TL;DR: A history of specialties in economics since the late 1950s is constructed on the basis of a large corpus of documents from economics journals as discussed by the authors, which relies on a combination of algorithmic methods that avoid subjective assessments of the boundaries of specialivities: bibliographic coupling, automated community detection in dynamic networks and text mining.
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Observed Inflation Forecasts and the New Keynesian Phillips Curve
TL;DR: This article investigated the empirical success of the New Keynesian Phillips Curve (NKPC) in explaining US inflation when observed measures of inflation expectations are used in conjunction with the output gap and found that it is a statistically significant driving variable for inflation, with this finding robust to whether the inflation expectations series used relates to individual consumers, professional forecasters or the US Fed.
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House Prices, Consumption, and Monetary Policy: A Financial Accelerator Approach
TL;DR: In this article, the authors consider a general equilibrium model where asymmetric information problems create frictions in credit markets used by households and show that under certain conditions this amplifies and propagates the effect of monetary policy shocks on housing investment, house prices and consumption.
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Monetary Policy under Neoclassical and New-Keynesian Phillips Curves, with an Application to Price Level and Inflation Targeting
TL;DR: The authors compare discretionary monetary policy under two Phillips curves and show that a stability tradeoff likely exists under the New-Keynesian specification, which does not arise under the Neoclassical specification.
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.