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https://hdl.handle.net/10419/39298
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Yao, Fang | en |
dc.date.accessioned | 2009-12-08 | - |
dc.date.accessioned | 2010-08-26T11:56:53Z | - |
dc.date.available | 2010-08-26T11:56:53Z | - |
dc.date.issued | 2009 | - |
dc.identifier.uri | http://hdl.handle.net/10419/39298 | - |
dc.description.abstract | This 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. | en |
dc.language.iso | eng | en |
dc.publisher | |aHumboldt University of Berlin, Collaborative Research Center 649 - Economic Risk |cBerlin | en |
dc.relation.ispartofseries | |aSFB 649 Discussion Paper |x2009,057 | en |
dc.subject.jel | E12 | en |
dc.subject.jel | E31 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Real rigidity | en |
dc.subject.keyword | Nominal rigidity | en |
dc.subject.keyword | Hazard function | en |
dc.subject.keyword | Bayesian estimation | en |
dc.subject.stw | Preisrigidität | en |
dc.subject.stw | Statistische Bestandsanalyse | en |
dc.subject.stw | Bayes-Statistik | en |
dc.subject.stw | Ungleichgewichtstheorie | en |
dc.subject.stw | Phillips-Kurve | en |
dc.subject.stw | Schätzung | en |
dc.subject.stw | USA | en |
dc.title | Real and nominal rigidities in price setting: A bayesian analysis using aggregate data | - |
dc.type | |aWorking Paper | en |
dc.identifier.ppn | 614458552 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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