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dc.contributor.authorDixon, Huw Daviden_US
dc.date.accessioned2010-02-24en_US
dc.date.accessioned2012-11-02T14:27:15Z-
dc.date.available2012-11-02T14:27:15Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/65749-
dc.description.abstractThis paper argues that the cross-sectional approach to durations is essential to understand nominal rigidity because this captures the fact that price-spells are generated by firms' price-setting behavior. Since the distribution of durations is dominated by a proliferation of short contracts, the cross-sectional measure corrects for this by length-biased sampling. Modelling the price-spell durations in this way enables us to see how Taylor, Calvo and their generalizations relate to each other, and enable us to compare price-setting behavior for a given distribution of durations. We also show how the micro-data can be directly related to the macroeconomic pricing models in this setting.en_US
dc.language.isoengen_US
dc.publisherCardiff Univ, Cardiff Business School, Economics Section Cardiffen_US
dc.relation.ispartofseriesCardiff Economics Working Papers E2009/20en_US
dc.subject.jelE50en_US
dc.subject.ddc330en_US
dc.subject.keywordprice-spellen_US
dc.subject.keywordsteady stateen_US
dc.subject.keywordhazard rateen_US
dc.subject.keywordCalvoen_US
dc.subject.keywordTayloren_US
dc.subject.stwPreisrigiditäten_US
dc.subject.stwLohnrigiditäten_US
dc.subject.stwStationäre Volkswirtschaften_US
dc.subject.stwPreistheorieen_US
dc.subject.stwTheorieen_US
dc.titleA unifed framework for understanding and comparing dynamic wage and price setting modelsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn613124499en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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