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Durable goods and sticky prices: Industry-level evidence

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  • Gwin, Carl
  • VanHoose, David D.

Abstract

We employ industry data to examine price stickiness of durables versus non-durables to evaluate Barsky et al. (2007) proposal that stickiness of durables’ prices influences aggregate dynamics. Policy impacts from impulse responses accord with sticky-price frameworks even though non-durables’ prices are relatively flexible.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 116 (2012)
Issue (Month): 3 ()
Pages: 460-464

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Handle: RePEc:eee:ecolet:v:116:y:2012:i:3:p:460-464

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Sticky prices; Durable goods; New Keynesian Phillips curve;

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  1. Jordi Galí & Mark Gertler, 1998. "Inflation dynamics: A structural econometric analysis," Economics Working Papers 341, Department of Economics and Business, Universitat Pompeu Fabra.
  2. Nathan S. Balke & Mark A. Wynne, 2003. "The relative price effects of monetary shocks," Working Papers 0306, Federal Reserve Bank of Dallas.
  3. Robert Barsky & Christopher L. House & Miles Kimball, 2005. "Sticky Price Models and Durable Goods," Macroeconomics 0501031, EconWPA.
  4. Martin Eichenbaum & Jonas D.M. Fisher, 2003. "Testing the Calvo model of sticky prices," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 40-53.
  5. Gwin, Carl R. & VanHoose, David D., 2008. "Alternative measures of marginal cost and inflation in estimations of new Keynesian inflation dynamics," Journal of Macroeconomics, Elsevier, vol. 30(3), pages 928-940, September.
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