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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New Keynesian Macroeconomics and the Term Structure
TL;DR: In this paper, a no-arbitrage affine term structure model with an unobservable time varying inflation target and the natural rate of output is proposed. But the model is not suitable for the analysis of the Phillips curve and real interest rate response.
Journal ArticleDOI
Time-dependent versus State-dependent Pricing: A Panel Data Approach to the Determinants of Belgian Consumer Price Changes
TL;DR: This article used Logistic Normal regressions to model the price-setting behavior for a large sample of Belgian consumer prices over the January 1989 - January 2001 period, showing that time-dependent features are very important, particularly an infinite mixture of Calvo pricing rules and truncation at specific horizons.
Journal ArticleDOI
Equilibrium Unemployment, Job Flows and Inflation Dynamics ∗
TL;DR: This article developed a general equilibrium model to explain a set of facts regarding job flows, unemployment and inflation dynamics, which integrates a theory of equilibrium unemployment into a monetary model with nominal price rigidities.
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Does Government Spending Crowd in Private Consumption? Theory and Empirical Evidence for the Euro Area*
Günter Coenen,Roland Straub +1 more
TL;DR: The authors showed that the inclusion of non-Ricardian households, which simply consume their current disposable income, is in general conducive to raising the level of consumption in response to government spending shocks.
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.
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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.