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Title:A Unified framework for using micro-data to compare dynamic wage and price setting models PDF Logo
Authors:Dixon, Huw David
Issue Date: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
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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