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Persistence and Nominal Inertia in a Generalised Taylor Economy: How Loner Contracts Dominate Shorter Contracts

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Engin Kara (University of York)
Huw Dixon (University of York)

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Paper provided by Money Macro and Finance Research Group in its series Money Macro and Finance (MMF) Research Group Conference 2005 with number 82.

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Date of creation: 03 Sep 2005
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Handle: RePEc:mmf:mmfc05:82

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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.:
  1. N. Gregory Mankiw & Ricardo Reis, 2002. "Sticky Information Versus Sticky Prices: A Proposal To Replace The New Keynesian Phillips Curve," The Quarterly Journal of Economics, MIT Press, vol. 117(4), pages 1295-1328, November. [Downloadable!] (restricted)
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  2. Charles T. Carlstrom & Timothy S. Fuerst & Fabio Ghironi, 2002. "Does It Matter (for Equilibrium Determinacy) What Price Index the Central Bank Targets?," Boston College Working Papers in Economics 533, Boston College Department of Economics, revised 07 Feb 2003. [Downloadable!]
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  3. 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.
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  4. Christopher J. Erceg & Andrew T. Levin, 2002. "Optimal Monetary Policy with Durable and Non-Durable Goods," Computing in Economics and Finance 2002 343, Society for Computational Economics.
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  5. Salant, Stephen W, 1977. "Search Theory and Duration Data: A Theory of Sorts," The Quarterly Journal of Economics, MIT Press, vol. 91(1), pages 39-57, February. [Downloadable!] (restricted)
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  6. Erceg, Christopher & Levin, Andrew, 2006. "Optimal monetary policy with durable consumption goods," Journal of Monetary Economics, Elsevier, vol. 53(7), pages 1341-1359, October. [Downloadable!] (restricted)
  7. 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.
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  8. repec:bep:macfro:v:2:y:2006:i:1:p:1320-1320 is not listed on IDEAS
  9. Christopher J. Erceg & Andrew T. Levin, 2002. "Optimal monetary policy with durable goods and non-durable goods," Working Paper Series 179, European Central Bank. [Downloadable!]
  10. Christopher J. Erceg, 1997. "Nominal wage rigidities and the propagation of monetary disturbances," International Finance Discussion Papers 590, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  11. Huw Dixon, 2006. "The distribution of contract durations across firms - a unified framework for understanding and comparing dynamic wage and price setting models," Working Paper Series 676, European Central Bank. [Downloadable!]
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  12. Huw Dixon & Engin Kara, 2005. " How to Compare Taylor and Calvo Contracts: a comment on Michael Kiley," CDMA Working Paper Series 0504, Centre for Dynamic Macroeconomic Analysis. [Downloadable!]
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  13. N. Gregory Mankiw & Ricardo Reis, 2003. "What Measure of Inflation Should a Central Bank Target?," Journal of the European Economic Association, MIT Press, vol. 1(5), pages 1058-1086, 09. [Downloadable!] (restricted)
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  14. Kevin X.D. Huang & Zheng Liu & Louis Phaneuf, 2002. "Why does the cyclical behavior of real wages change over time?," Research Working Paper RWP 02-09, Federal Reserve Bank of Kansas City. [Downloadable!]
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  15. Carlos Carvalho, 2005. "Heterogeneity in Price Setting and the Real Effects of Monetary Shocks," Macroeconomics 0509017, EconWPA, revised 12 Sep 2005. [Downloadable!]
  16. Huang, Kevin X. D. & Liu, Zheng, 2001. "Production chains and general equilibrium aggregate dynamics," Journal of Monetary Economics, Elsevier, vol. 48(2), pages 437-462, October. [Downloadable!] (restricted)
  17. Coenen, Gunter & Levin, Andrew T. & Christoffel, Kai, 2007. "Identifying the influences of nominal and real rigidities in aggregate price-setting behavior," Journal of Monetary Economics, Elsevier, vol. 54(8), pages 2439-2466, November. [Downloadable!] (restricted)
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  18. Dixon, Huw David, 1994. "Macroeconomic Price and Quantity Responses with Heterogeneous Product Markets," Oxford Economic Papers, Oxford University Press, vol. 46(3), pages 385-402, July. [Downloadable!] (restricted)
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  19. Ascari, Guido, 2000. "Optimising Agents, Staggered Wages and Persistence in the Real Effects of Money Shocks," Economic Journal, Royal Economic Society, vol. 110(465), pages 664-86, July. [Downloadable!] (restricted)
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  20. Huw Dixon & Engin Kara, 2006. "Understanding inflation persistence - a comparison of different models," Working Paper Series 672, European Central Bank. [Downloadable!]
  21. Kiley, Michael T, 2002. "Partial Adjustment and Staggered Price Setting," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(2), pages 283-98, May.
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  22. Rochelle M. Edge, 2002. "The Equivalence of Wage and Price Staggering in Monetary Business Cycle Models," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(3), pages 559-585, July. [Downloadable!] (restricted)
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  23. Benigno, Pierpaolo, 2004. "Optimal monetary policy in a currency area," Journal of International Economics, Elsevier, vol. 63(2), pages 293-320, July. [Downloadable!] (restricted)
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  24. Juillard, Michel, 1996. "Dynare : a program for the resolution and simulation of dynamic models with forward variables through the use of a relaxation algorithm," CEPREMAP Working Papers (Couverture Orange) 9602, CEPREMAP. [Downloadable!]
  25. 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)
  26. Guido Ascari, 2003. "Price/Wage Staggering and Persistence: A Unifying Framework," Journal of Economic Surveys, Blackwell Publishing, vol. 17(4), pages 511-540, 09. [Downloadable!] (restricted)
  27. John B. Taylor, 1998. "Staggered Price and Wage Setting in Macroeconomics," NBER Working Papers 6754, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  28. Christiano, Lawrence J. & Eichenbaum, Martin & Evans, Charles L., 1999. "Monetary policy shocks: What have we learned and to what end?," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 2, pages 65-148 Elsevier. [Downloadable!] (restricted)
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  29. 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.
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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.)

  1. Engin Kara, 2006. "Optimal monetary policy in the generalized Taylor economy," Working Paper Series 673, European Central Bank. [Downloadable!]
  2. Gaurav Saroliya, 2007. "The New Keynesian Business Cycle Achievements and Challenges," Discussion Papers 07/20, Department of Economics, University of York. [Downloadable!]
  3. 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!]
    Other versions:
  4. Carlos Carvalho, 2005. "Heterogeneity in Price Setting and the Real Effects of Monetary Shocks," Macroeconomics 0509017, EconWPA, revised 12 Sep 2005. [Downloadable!]
  5. Markus Knell & Alfred Stiglbauer, 2009. "The impact of reference norms on inflation persistence when wages are staggered," Working Paper Series 1047, European Central Bank. [Downloadable!]
    Other versions:
  6. Dixon, Huw & Kara, Engin, 2008. "Can we explain inflation persistence in a way that is consistent with the micro-evidence on nominal rigidity?," Cardiff Economics Working Papers E2008/22, Cardiff University, Cardiff Business School, Economics Section. [Downloadable!]
  7. Gaurav Saroliya, 2007. "The New Keynesian business cycle achievements and challenges," Portuguese Economic Journal, Springer, vol. 6(2), pages 95-116, August. [Downloadable!] (restricted)
  8. Huw Dixon & Engin Kara, 2006. "Understanding inflation persistence - a comparison of different models," Working Paper Series 672, European Central Bank. [Downloadable!]
  9. Jean Imbs & Eric Jondeau & Florian Pelgrin, 2007. "Aggregating Phillips curves," Working Paper Series 785, European Central Bank. [Downloadable!]
    Other versions:
  10. Charemza , Wojciech W. & Makarov, Svetlana, 2005. "Ex-ante dynamics of real effects of monetary policy: Theory and evidence for Poland and Russia, 2001-2003," BOFIT Discussion Papers 20/2005, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
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