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dc.contributor.authorSbordone, Argia M.en
dc.date.accessioned2012-08-17T14:24:37Z-
dc.date.available2012-08-17T14:24:37Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/60529-
dc.description.abstractThis paper analyzes the dynamics of prices and wages using a limited information approach to estimation. I estimate a two-equation model for the determination of prices and wages derived from an optimization-based dynamic model in which both goods and labor markets are monopolistically competitive; prices and wages can be reoptimized only at random intervals; and, when prices and wages are not reoptimized, they can be partially adjusted to previous-period aggregate inflation. The estimation procedure is a two-step minimum distance estimation that exploits the restrictions imposed by the model on a time-series representation of the data. In the first step, I estimate an unrestricted autoregressive representation of the variables of interest. In the second, I express the model solution as a constrained autoregressive representation of the data and define the distance between unconstrained and constrained representations as a function of the structural parameters that characterize the joint dynamics of inflation and labor share. This function summarizes the cross-equation restrictions between the model and the time-series representations of the data. I then estimate the parameters of interest by minimizing a quadratic function of that distance. I find that the estimated dynamics of prices and wages track actual dynamics quite well and that the estimated parameters are consistent with the observed length of nominal contracts.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x256en
dc.subject.jelE32en
dc.subject.jelC32en
dc.subject.jelC52en
dc.subject.ddc330en
dc.subject.keywordwage and price dynamics, nominal rigidities, minimum distance estimationen
dc.subject.stwLohnen
dc.subject.stwPreisen
dc.subject.stwInflationen
dc.subject.stwLohnrigiditäten
dc.subject.stwPreisrigiditäten
dc.subject.stwMonopolistischer Wettbewerben
dc.subject.stwLohnindexierungen
dc.subject.stwVAR-Modellen
dc.subject.stwUSAen
dc.titleUS wage and price dynamics: A limited information approach-
dc.typeWorking Paperen
dc.identifier.ppn519344561en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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