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 New Keynesian Perspective on the Great Recession
TL;DR: The authors compared the 2007-09 US economic crisis with its two immediate predecessors in 1990-91 and 2001, and found that without the zero lower bound on the nominal interest rate, the US economy would have recovered sooner and more quickly in 2009.
Journal ArticleDOI
The real interest rate gap as an inflation indicator
Katharine S. Neiss,Edward Nelson +1 more
TL;DR: In this paper, the authors examined the properties of the natural real interest rate and real-interest-rate gap using a dynamic stochastic general equilibrium model and found that the gap has value as an inflation indicator, supporting a neo-Wicksellian framework.
ReportDOI
Income Inequality in the United States, 1913-1998 (series updated to 2000 available)
TL;DR: This paper presented new homogeneous series on top shares of income and wages from 1913 to 1998 in the US using individual tax returns data, showing that top income and wage shares display a U-shaped pattern over the century.
Journal ArticleDOI
A Dynamic Economy with Costly Price Adjustments
TL;DR: In this paper, a general-equilibrium model of a dynamic economy with menu costs is proposed, where each firm's productivity is exposed to idiosyncratic and aggregate productivity shocks around a trend.
Journal ArticleDOI
Heterogeneity in Consumer Price Stickiness: A Microeconometric Investigation
TL;DR: In this article, the authors examined heterogeneity in price stickiness using a large, original, set of individual price data collected at the retail level for the computation of the French CPI.
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.