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Browsing by Author "Yao, Fang"
Now showing items 1-9 of 9
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2010-04-01DiskussionspapierAggregate Hazard Function in Price-Setting Yao, FangThis paper presents an approach to identify aggregate price reset hazards from the joint dynamic behavior of inflation and macroeconomic aggregates. The identification is possible due to the fact that inflation is composed ...
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2010-06-03DiskussionspapierCan the New Keynesian Phillips Curve Explain Inflation Gap Persistence? Yao, FangWhelan (2007) found that the generalized Calvo-sticky-price model fails to replicate a typical feature of the empirical reduced-form Phillips curve - the positive dependence of inflation on its own lags. In this paper, I ...
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2011-01-24DissertationHazard functions and macroeconomic dynamics Yao, FangIn dieser Arbeit werden die Folgen der Calvo-Annahme in dynamischen makroökonomischen Modellen untersucht. Dafür wird die Calvo-Annahme unter Anwendung des Konzepts der statistischen Hazardfunktion verallgemeinert. Ich ...
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2008-08-11DiskussionspapierLumpy Labor Adjustment as a Propagation Mechanism of Business Cycles Yao, FangI explore the aggregate effects of micro lumpy labor adjustment in a prototypical RBC model, which embeds a stochastic labor duration mechanism in the spirit of Calvo(1983), and it extends this approach by introducing a ...
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2008-02-27DiskussionspapierLumpy Labor Adjustment as a Propagation Mechanism of Business Cycles Yao, FangThis paper aims to study the quantitative significance of lumpy labor adjustment as a propagation mechanism for business cycles. In the baseline model, I introduce lumpy job turnover in the spirit of Taylor (1980) and Calvo ...
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2011-02-17DiskussionspapierMonetary Policy, Trend Inflation and Inflation Persistence Yao, FangThis paper presents a new mechanism through which monetary policy rules affect inflation persistence. When assuming that price reset hazard functions are not constant, backward- looking dynamics emerge in the NKPC. This ...
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2009-05-29DiskussionspapierNon-constant Hazard Function and Inflation Dynamics Yao, FangThis paper explores implications of nominal rigidity characterized by a non-constant hazard function for aggregate dynamics. I derive the NKPC under an arbitrary hazard function and parameterize it with the Weibull duration ...
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2009-11-09DiskussionspapierReal and Nominal Rigidities in Price Setting Yao, FangThis paper uses the Bayesian approach to solve and estimate a New Keynesian model augmented by a generalized Phillips curve, in which the shape of the price reset hazards can be identi…ed using aggregate data. My empirical ...
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2009-09-09DiskussionspapierThe Cost of Tractability and the Calvo Pricing Assumption Yao, FangThis paper demonstrates that tractability gained from the Calvo pricing assumption is costly in terms of aggregate dynamics. I derive a generalized New Keynesian Phillips curve featuring a generalized hazard function, ...