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Sonderforschungsbereich 649: Ökonomisches Risiko, Humboldt-Universität Berlin >
SFB 649 Discussion Papers, HU Berlin >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/39298
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Yao, Fang | | en_US |
| dc.date.accessioned | | 2009-12-08 | | en_US |
| dc.date.accessioned | | 2010-08-26T11:56:53Z | | - |
| dc.date.available | | 2010-08-26T11:56:53Z | | - |
| dc.date.issued | | 2009 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/39298 | | - |
| dc.description.abstract | | This paper uses the Bayesian approach to solve and estimate a New Keynesian model augmented by a generalized Phillips curve, in which the shape of the price reset hazards can be identi…ed using aggregate data. My empirical result shows that a constant hazard function is easily rejected by the data. The empirical hazard function for post-1983 periods in the U.S. is consistent with micro evidence obtained using data from similar periods. The hazard for pre-1983 periods, however, exhibits a remarkable increasing pattern, implying that pricing decisions are characterized by both time- and state-dependent aspects. Additionally, real rigidity plays an important role, but not as big a role as found in empirical studies using limited information methods. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | SFB 649, Economic Risk Berlin | | en_US |
| dc.relation.ispartofseries | | SFB 649 discussion paper 2009,057 | | en_US |
| dc.subject.jel | | E12 | | en_US |
| dc.subject.jel | | E31 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Real rigidity | | en_US |
| dc.subject.keyword | | Nominal rigidity | | en_US |
| dc.subject.keyword | | Hazard function | | en_US |
| dc.subject.keyword | | Bayesian estimation | | en_US |
| dc.subject.stw | | Preisrigidität | | en_US |
| dc.subject.stw | | Statistische Bestandsanalyse | | en_US |
| dc.subject.stw | | Bayes-Statistik | | en_US |
| dc.subject.stw | | Ungleichgewichtstheorie | | en_US |
| dc.subject.stw | | Phillips-Kurve | | en_US |
| dc.subject.stw | | Schätzung | | en_US |
| dc.subject.stw | | USA | | en_US |
| dc.title | | Real and nominal rigidities in price setting: A bayesian analysis using aggregate data | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 614458552 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | SFB 649 Discussion Papers, HU Berlin
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