On Implications of Micro Price Data for Macro Models
Abstract
We review the recent literature that studies new, detailed micro data on prices. We discuss implications of the new micro data for macro models. We argue that the new micro data are helpful for macro models, but not decisive. There is no simple mapping from the frequency of price changes in micro data to impulse responses of prices and quantities to shocks. We discuss ideas that promise to deliver macro models matching the impulse responses seen in macro data while being broadly in line with micro data.Download Info
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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 6961.Length:
Date of creation: Sep 2008
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Handle: RePEc:cpr:ceprdp:6961
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Keywords: micro price data; models of price setting; real effects of nominal shocks; sticky prices;Other versions of this item:
- Bartosz Mackowiak & Frank Smets, 2008. "On implications of micro price data for macro models," Conference Series ; [Proceedings], Federal Reserve Bank of Boston.
- Bartosz Maćkowiak & Frank Smets, 2008. "On implications of micro price data for macro models," Working Paper Series 960, European Central Bank.
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-02-28 (All new papers)
- NEP-CBA-2009-02-28 (Central Banking)
- NEP-MAC-2009-02-28 (Macroeconomics)
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