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dc.contributor.authorYao, Fangen_US
dc.date.accessioned2009-12-08en_US
dc.date.accessioned2010-08-26T11:56:53Z-
dc.date.available2010-08-26T11:56:53Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/39298-
dc.description.abstractThis 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.isoengen_US
dc.publisherSFB 649, Economic Risk Berlinen_US
dc.relation.ispartofseriesSFB 649 discussion paper 2009,057en_US
dc.subject.jelE12en_US
dc.subject.jelE31en_US
dc.subject.ddc330en_US
dc.subject.keywordReal rigidityen_US
dc.subject.keywordNominal rigidityen_US
dc.subject.keywordHazard functionen_US
dc.subject.keywordBayesian estimationen_US
dc.subject.stwPreisrigiditäten_US
dc.subject.stwStatistische Bestandsanalyseen_US
dc.subject.stwBayes-Statistiken_US
dc.subject.stwUngleichgewichtstheorieen_US
dc.subject.stwPhillips-Kurveen_US
dc.subject.stwSchätzungen_US
dc.subject.stwUSAen_US
dc.titleReal and nominal rigidities in price setting: A bayesian analysis using aggregate dataen_US
dc.typeWorking Paperen_US
dc.identifier.ppn614458552en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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