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dc.contributor.authorDixon, Huw Daviden
dc.date.accessioned2010-02-24-
dc.date.accessioned2012-11-02T14:27:15Z-
dc.date.available2012-11-02T14:27:15Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aCardiff University, Cardiff Business School |cCardiffen
dc.relation.ispartofseries|aCardiff Economics Working Papers |xE2009/20en
dc.subject.jelE50en
dc.subject.ddc330en
dc.subject.keywordprice-spellen
dc.subject.keywordsteady stateen
dc.subject.keywordhazard rateen
dc.subject.keywordCalvoen
dc.subject.keywordTayloren
dc.subject.stwPreisrigiditäten
dc.subject.stwLohnrigiditäten
dc.subject.stwStationäre Volkswirtschaften
dc.subject.stwPreistheorieen
dc.subject.stwTheorieen
dc.titleA unifed framework for understanding and comparing dynamic wage and price setting models-
dc.typeWorking Paperen
dc.identifier.ppn613124499en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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