Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/38984
Authors: 
Dixon, Huw David
Year of Publication: 
2010
Series/Report no.: 
CESifo working paper Monetary Policy and International Finance 3093
Abstract: 
This paper develops a statistical framework of steady-state identities which enable us to match the distributions of durations found in the micro-data to generalized Taylor and Calvo models of time-dependent pricing. We illustrate the approach with the UK micro CPI data for 2006-2009, and employ the pricing models in a simple macromodel. We find that the Generalized Taylor Economy generates a hump shaped response function, whilst the Generalized Calvo does not.
Subjects: 
price-spell
steady state
hazard rate
Calvo
Taylor
JEL: 
E50
Document Type: 
Working Paper

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