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
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The EAGLE. A model for policy analysis of macroeconomic interdependence in the euro area
TL;DR: In this article, the authors developed a 4-region macroeconomic model of the euro area and the world economy (EAGLE, Euro Area and Global Economy model) based on the New Area Wide Model.
Book ChapterDOI
Chapter 6 Indeterminacy and sunspots in macroeconomics
Jess Benhabib,Roger E. A. Farmer +1 more
TL;DR: An overview of the recent literature on indeterminacy and sunspots in macroeconomics can be found in this paper, where a simple framework for illustrating the mechanisms of various dynamic equilibrium models that give rise to indeterminate equilibria is provided.
Journal ArticleDOI
Lumpy Price Adjustments: A Microeconometric Analysis
TL;DR: In this paper, the authors present a simple model of state-dependent pricing that allows identification of the relative importance of the degree of price rigidity that is inherent to the price setting mechanism (intrinsic) and that which is due to the prices driving variables.
Journal ArticleDOI
Implications of state-dependent pricing for dynamic macroeconomic models
Michael Dotsey,Robert G. King +1 more
TL;DR: In this article, the authors investigate the implications of state-dependent pricing for topics in two major areas of macroeconomic research, the early 1990s SDP literature and more recent work on persistence mechanisms.
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Code and data files for "Investment Shocks and the Relative Price of Investment"
TL;DR: In this article, the authors estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks and find that one of them is an investment-specific technology shock that affects the transformation of consumption into investment goods and is identified with the relative price of investment.
References
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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.