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2009-11-09Buch DOI: 10.18452/4222
Real and Nominal Rigidities in Price Setting
dc.contributor.authorYao, Fang
dc.date.accessioned2017-06-16T00:01:55Z
dc.date.available2017-06-16T00:01:55Z
dc.date.created2010-05-26
dc.date.issued2009-11-09
dc.identifier.issn1860-5664
dc.identifier.urihttp://edoc.hu-berlin.de/18452/4874
dc.description.abstractThis 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 result shows that a constant hazard function is easily rejected by the data. The empirical hazard function for post-1983 periods in the U.S. is consistent with micro evidence obtained using data from similar periods. The hazard for pre-1983 periods, however, exhibits a remarkable increasing pattern, implying that pricing decisions are characterized by both time- and state-dependent aspects. Additionally, real rigidity plays an important role, but not as big a role as found in empirical studies using limited information methods.eng
dc.language.isoeng
dc.publisherHumboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät
dc.subjectNominal rigidityeng
dc.subjectReal rigidityeng
dc.subjectHazard functioneng
dc.subjectBayesian estimationeng
dc.subject.ddc330 Wirtschaft
dc.titleReal and Nominal Rigidities in Price Setting
dc.typebook
dc.subtitleA Bayesian Analysis Using Aggregate Data
dc.identifier.urnurn:nbn:de:kobv:11-100111034
dc.identifier.doihttp://dx.doi.org/10.18452/4222
local.edoc.container-titleSonderforschungsbereich 649: Ökonomisches Risiko
local.edoc.pages36
local.edoc.type-nameBuch
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-volume2009
local.edoc.container-issue57
local.edoc.container-year2009
local.edoc.container-erstkatid2195055-6

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