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Firm-Specific Capital, Nominal Rigidities and the Business Cycle

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  • Altig, David

    (Federal Reserve Bank of Cleveland)

  • Christiano, Lawrence

    (Northwestern University)

  • Eichenbaum, Martin

    (Northwestern University)

  • Lindé, Jesper

    (Research Department, Central Bank of Sweden)

Abstract

Macroeconomic and microeconomic data paint conflicting pictures of price behavior. Macroeconomic data suggest that inflation is inertial. Microeconomic data indicate that firms change prices frequently. We formulate and estimate a model which resolves this apparent micro - macro conflict. Our model is consistent with post-war U.S. evidence on inflation inertia even though firms re-optimize prices on average once every 1.5 quarters. The key feature of our model is that capital is firm-specific and predetermined within a period.

Suggested Citation

  • Altig, David & Christiano, Lawrence & Eichenbaum, Martin & Lindé, Jesper, 2004. "Firm-Specific Capital, Nominal Rigidities and the Business Cycle," Working Paper Series 176, Sveriges Riksbank (Central Bank of Sweden).
    • Handle: RePEc:hhs:rbnkwp:0176
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    More about this item

    Keywords

    Technology shocks; Firm-specific capital; Monetary policy; Nominal rigidities; Real rigidities; Business cycles;
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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