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
More filters
Journal ArticleDOI
A Quantitative Comparison of Sticky-Price and Sticky-Information Models of Price Setting
TL;DR: In this article, the authors estimate sticky-price and sticky-information models of price setting for the United States via maximum-likelihood techniques, reaching several conclusions, including that the sticky price model fits best, and captures inflation dynamics as well as reduced-form equations once hybrid-behavior is allowed.
ReportDOI
Reference Prices and Nominal Rigidities
TL;DR: In this article, the authors assess the importance of nominal rigidities using a new weekly scanner data set from a major U.S. retailer, that contains information on prices, quantities, and costs for over 1,000 stores.
Journal ArticleDOI
Regime switches, Agents’ Beliefs, and Post-World War II U.S. Macroeconomic Dynamics
TL;DR: In this paper, the authors examined the evolution of inflation and output over the last 50 years through the lens of a micro-founded model that allows for changes in the behavior of the Federal Reserve and in the volatility of structural shocks.
Journal ArticleDOI
Estimation and control of an optimization-based model with sticky prices and wages
Jeffery D. Amato,Thomas Laubach +1 more
TL;DR: In this article, the authors provide estimates of an optimization-based equilibrium model with sticky prices and wages, which is used to analyse the welfare properties of various interest rate rules for conducting monetary policy.
Journal ArticleDOI
The Kinked Demand Curve and Price Rigidity: Evidence from Scanner Data
TL;DR: In this paper, the authors extend Deaton and Muellbauer's Almost Ideal Demand System to estimate the price elasticity and curvature of demand for a wide range of products.
References
More filters
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.