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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Inflation Stabilization and Welfare
TL;DR: In this article, the authors derived loss functions for analyses of optimal monetary policy that are grounded in the welfare of private agents, in the case of explicit optimizing models of private-sector behavior in which the real effects of monetary policy result from nominal price rigidity.
Book ChapterDOI
Labour market search and monetary shocks
TL;DR: In this article, the authors investigate the role the job matching process plays in affecting the economy's adjustment to real and monetary shocks and study the relative roles of real and nominal rigidities in accounting for the impact of monetary shocks.
Journal ArticleDOI
Testing for a Forward-Looking Phillips Curve: Additional Evidence from European and US Data
TL;DR: In this paper, the authors used the GMM technique as well as the ML approach to estimate hybrid Phillips curves, which include both backward and forward-looking components, for major European countries, the euro area, and the US.
Journal ArticleDOI
The Time Varying Effect of Oil Price Shocks on Euro-Area Exports
Marianna Riggi,Fabrizio Venditti +1 more
TL;DR: In this paper, the authors provide evidence on changes in the relationship between the real price of oil and real exports in the euro area by combining robust predictions on the sign of the impulse responses obtained from a theoretical model with restrictions on the slope of the oil demand and oil supply curves.
Posted Content
The Price Setting Behaviour of Spanish Firms: Evidence from Survey Data
Luis J. Álvarez,Ignacio Hernando +1 more
TL;DR: In this paper, the authors report the results of a survey carried out by the Banco de Espana on a sample of around 2000 Spanish firms to deepen the understanding of firms' price setting behavior.
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.