This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Firm-Specific Labor and Firm-Specific Capital: Implications for the Euro-Data New Phillips Curve Author info | Abstract | Publisher info | Download info | Related research | Statistics Julien Matheron
Additional information is available for the following
registered author(s):
Standard GMM estimates of the New Phillips curve on euro-area data yield degrees of nominal rigidity that are not in accordance with recent microeconomic evidence. This paper studies whether similar conclusions are reached in a richer model where price setters face firm-specific capital and/or firm-specific labor. We find that combining these elements or considering firm-specific labor alone leads to statistically significant and economically reasonable estimates of the degree of nominal rigidity. In contrast, ignoring firm-specific labor yields estimates that are not supported by microeconomic evidence.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Article provided by International Journal of Central Banking in its journal International Journal of Central Banking .
Volume (Year): 2 (2006)
Issue (Month): 4 (December)
Pages:
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Handle: RePEc:ijc:ijcjou:y:2006:q:4:a:2Contact details of provider: Postal: Centralbahnplatz 2, CH - 4002 Basel Phone: (41) 61 - 280 80 80 Fax: (41) 61 - 280 91 00 Email: Web page: http://www.ijcb.org/ More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Timo Laurmaa).
Keywords: Other versions of this item:
Find related papers by JEL classification: E1 - Macroeconomics and Monetary Economics - - General Aggregative Models E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.:
Newey, Whitney K & West, Kenneth D, 1987.
"A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix ,"
Econometrica ,
Econometric Society, vol. 55(3), pages 703-08, May.
[Downloadable!] (restricted)
Other versions: Mark Bils & Peter J. Klenow, 2004.
"Some Evidence on the Importance of Sticky Prices ,"
Journal of Political Economy ,
University of Chicago Press, vol. 112(5), pages 947-985, October.
Other versions: Avouyi-Dovi, S. & Matheron, J., 2005.
"Technology Shocks and Monetary Policy in an Estimated Sticky Price Model of the Euro Area ,"
Documents de Travail
126, Banque de France.
[Downloadable!]
V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2000.
"Sticky Price Models of the Business Cycle: Can the Contract Multiplier Solve the Persistence Problem? ,"
Econometrica ,
Econometric Society, vol. 68(5), pages 1151-1180, September.
Other versions: Kenneth D. West, 1995.
"Another Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimator ,"
NBER Technical Working Papers
0183, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Taylor, John B, 1980.
"Aggregate Dynamics and Staggered Contracts ,"
Journal of Political Economy ,
University of Chicago Press, vol. 88(1), pages 1-23, February.
[Downloadable!] (restricted)
Eichenbaum, Martin S & Hansen, Lars Peter & Singleton, Kenneth J, 1988.
"A Time Series Analysis of Representative Agent Models of Consumption and Leisure Choice under Uncertainty ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 103(1), pages 51-78, February.
[Downloadable!] (restricted)
Other versions: Fagan, Gabriel & Henry, Jerome & Mestre, Ricardo, 2005.
"An area-wide model for the euro area ,"
Economic Modelling ,
Elsevier, vol. 22(1), pages 39-59, January.
[Downloadable!] (restricted)
Sbordone, Argia M., 2002.
"Prices and unit labor costs: a new test of price stickiness ,"
Journal of Monetary Economics ,
Elsevier, vol. 49(2), pages 265-292, March.
[Downloadable!] (restricted)
Other versions:
Argia M. Sbordone, 2001.
"Prices and Unit Labor Costs: A New Test of Price Stickiness ,"
Departmental Working Papers
200112, Rutgers University, Department of Economics.
[Downloadable!] Argia M. Sbordone, 2001.
"Prices and Unit Labor Costs: A New Test of Price Stickiness ,"
Departmental Working Papers
199822, Rutgers University, Department of Economics.
[Downloadable!] Sbordone, Argia, 1998.
"Prices and Unit Labour Costs: A New Test of Price Stickiness ,"
Seminar Papers
653, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Sbordone, A.M., 1998.
"Prices and Unit Labor Costs: a New Test of Price Stickiness ,"
Papers
653, Stockholm - International Economic Studies.
Martin Eichenbaum & Jonas D.M. Fisher, 2003.
"Evaluating the Calvo model of sticky prices ,"
Working Paper Series
WP-03-23, Federal Reserve Bank of Chicago.
[Downloadable!]
Other versions: Peter McAdam & Alpo Willman, 2004.
"Supply, Factor Shares and Inflation Persistence: Re-examining Euro-area New-Keynesian Phillips Curves ,"
Oxford Bulletin of Economics and Statistics ,
Department of Economics, University of Oxford, vol. 66(s1), pages 637-670, 09.
[Downloadable!] (restricted)
Gilchrist, S. & Himmelberg, C.P., 1995.
"Evidence on the Role of Cash Flow for Investment ,"
Papers
95-29, Columbia - Graduate School of Business.
Other versions:
Simon Gilchrist & Charles P. Himmelberg, 1993.
"Evidence on the role of cash flow for investment ,"
Finance and Economics Discussion Series
93-7, Board of Governors of the Federal Reserve System (U.S.).
Simon Gilchrist & Charles P. Himmelberg, 1995.
"Evidence on the Role of Cash Flow for Investment ,"
Working Papers
95-01, New York University, Leonard N. Stern School of Business, Department of Economics.
Gilchrist, Simon & Himmelberg, Charles P., 1995.
"Evidence on the role of cash flow for investment ,"
Journal of Monetary Economics ,
Elsevier, vol. 36(3), pages 541-572, December.
[Downloadable!] (restricted) Tommy Sveen & Lutz Weinke, 2004.
"Pitfalls in the Modelling of Forward-Looking Price Setting and Inverstment Behavior ,"
Working Paper
2004/01, Norges Bank.
[Downloadable!]
Jean-Guillaume Sahuc, 2004.
"Partial indexation and inflation dynamics: what do the data say? ,"
Applied Economics Letters ,
Taylor and Francis Journals, vol. 11(13), pages 827-832, October.
[Downloadable!] (restricted)
Calvo, Guillermo A., 1983.
"Staggered prices in a utility-maximizing framework ,"
Journal of Monetary Economics ,
Elsevier, vol. 12(3), pages 383-398, September.
[Downloadable!] (restricted)
Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2005.
"Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy ,"
Journal of Political Economy ,
University of Chicago Press, vol. 113(1), pages 1-45, February.
Other versions:
Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001.
"Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy ,"
NBER Working Papers
8403, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2001.
"Nominal rigidities and the dynamic effects of a shock to monetary policy ,"
Working Paper Series
WP-01-08, Federal Reserve Bank of Chicago.
[Downloadable!] Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001.
"Nominal rigidities and the dynamic effects of a shock to monetary policy ,"
Working Paper
0107, Federal Reserve Bank of Cleveland.
[Downloadable!] Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001.
"Nominal rigidities and the dynamic effects of a shock to monetary policy ,"
Proceedings ,
Federal Reserve Bank of San Francisco, issue Jun.
[Downloadable!] repec:rus:hseeco:4284 is not listed on IDEAS
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Woodford, Michael, 2005.
"Firm-Specific Capital and the New Keynesian Phillips Curve ,"
MPRA Paper
825, University Library of Munich, Germany.
[Downloadable!]
Other versions:
Michael Woodford, 2005.
"Firm-specific capital and the new-Keynesian Phillips curve ,"
Discussion Papers
0405-17, Columbia University, Department of Economics.
[Downloadable!] Michael Woodford, 2005.
"Firm-Specific Capital and the New-Keynesian Phillips Curve ,"
NBER Working Papers
11149, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Michael Woodford, 2005.
"Firm-Specific Capital and the New Keynesian Phillips Curve ,"
International Journal of Central Banking ,
International Journal of Central Banking, vol. 1(2), September.
[Downloadable!] Timothy Cogley & Argia M. Sbordone, 2006.
"Trend inflation and inflation persistence in the New Keynesian Phillips Curve ,"
Staff Reports
270, Federal Reserve Bank of New York.
[Downloadable!]
de Walque, Gregory & Smets, Frank & Wouters, Rafael, 2006.
"Firm-Specific Production Factors in a DSGE Model with Taylor Price Setting ,"
MPRA Paper
810, University Library of Munich, Germany.
[Downloadable!]
Other versions:
Gregory de Walque & Frank Smets & Raf Wouters, 2006.
"Firm-specific production factors in a DSGE model with Taylor price setting ,"
Research series
200606-1, National Bank of Belgium.
[Downloadable!] Gregory de Walque & Frank Smets & Rafael Wouters, 2006.
"Firm-specific production factors in a DSGE model with Taylor price setting ,"
Working Paper Series
648, European Central Bank.
[Downloadable!] Gregory de Walque & Frank Smets & Rafael Wouters, 2006.
"Firm-Specific Production Factors in a DSGE Model with Taylor Price Setting ,"
International Journal of Central Banking ,
International Journal of Central Banking, vol. 2(3), September.
[Downloadable!]
Access and
download statistics Did you know? You too can volunteer for RePEc, for example by editing a NEP report.
This page was last updated on 2009-12-1.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .