منابع مشابه
Menu Costs and Phillips Curves
This paper develops a model of a monetary economy in which individual firms are subject to idiosyncratic productivity shocks as well as general inflation. Sellers can change price only by incurring a real “menu cost.” We calibrate this cost and the variance and autocorrelation of the idiosyncratic shock using a new U.S. data set of individual prices due to Klenow and Kryvtsov. The prediction of...
متن کاملMENU COSTS AND PHILLIPS CURVES Mikhail
We have benefitted from discussions with Ariel Burstein, Ricardo Caballero, V.V. Chari, Larry Christiano, Larry Jones, Boyan Jovanovic, Patrick Kehoe, Timothy Kehoe, Bob King, Pete Klenow, Oleksiy Kryvtsov, Ellen McGrattan, Thomas Philippon, Thomas Sargent, Nancy Stokey, Julia Thomas, and Aleh Tsyvinski. Participants in seminars at Chicago, Minnesota, the Federal Reserve Bank of Minneapolis, th...
متن کاملPhillips curves with observation and menu costs ∗
We compute the response of output to a monetary shock in a general equilibrium model in which firms set prices subject to a menu cost as well a costly observation of the state. We consider economies that are observationally equivalent with respect to the average frequency and size of price adjustments, and show that these economies respond differently to monetary shocks, depending on the size o...
متن کاملAggregating Phillips Curves *
The New Keynesian Phillips Curve is at the center of two raging empirical debates. First, how can purely forward looking pricing account for the observed persistence in aggregate inflation. Second, price-setting responds to movements in marginal costs, which should therefore be the driving force to observed inflation dynamics. This is not always the case in typical estimations. In this paper, w...
متن کاملSectoral Phillips curves and the aggregate Phillips curve
Sector-level Phillips curves are estimated in French data. There is considerable heterogeneity across sectors, with vastly different estimates of the backward looking component of inflation and the duration of nominal rigidities. A multi-sector model of inflation dynamics is calibrated on the basis of these sectoral estimates. Aggregate inflation, simulated on the basis of heterogeneous sectors...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 2007
ISSN: 0022-3808,1537-534X
DOI: 10.1086/512625