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dc.contributor.authorYao, Fangen
dc.date.accessioned2010-08-26T11:56:57Z-
dc.date.available2010-08-26T11:56:57Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/39303-
dc.description.abstractThis paper explores implications of nominal rigidity characterized by a non-constant hazard function for aggregate dynamics. I derive the NKPC under an arbitrary hazard function and parameterize it with the Weibull duration model. The resulting Phillips curve involves lagged inflation and lagged expectations. It nests the Calvo NKPC as a limiting case in the sense that the effects of both terms are canceled out under the constant-hazard assumption. Furthermore, I find lagged inflation always has negative coefficients, thereby making it impossible to interpret inflation persistence as intrinsic. The numerical evaluation shows that the increasing hazard function leads to hump-shaped impulse responses of inflation to monetary shocks, and output leads inflation.en
dc.language.isoengen
dc.publisher|aHumboldt University of Berlin, Collaborative Research Center 649 - Economic Risk |cBerlinen
dc.relation.ispartofseries|aSFB 649 Discussion Paper |x2009,030en
dc.subject.jelE12en
dc.subject.jelE31en
dc.subject.ddc330en
dc.subject.keywordHazard functionen
dc.subject.keywordWeibull distributionen
dc.subject.keywordNew Keynesian Phillips Curveen
dc.subject.stwNew-Keynesian Phillips Curveen
dc.subject.stwStatistische Bestandsanalyseen
dc.subject.stwPreisrigiditäten
dc.subject.stwTheorieen
dc.subject.stwInflationen
dc.subject.stwLag-Modellen
dc.subject.stwTheorieen
dc.titleNon-constant hazard function and inflation dynamics-
dc.type|aWorking Paperen
dc.identifier.ppn603378978en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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