Arbeitspapier
State-dependency and firm-level optimization: a contribution to Calvo price staggering
We implement a tractable state-dependent Calvo price-setting signal dependent on inflation and aggregate competitiveness. This allows us to derive a New Keynesian Phillips Curve (NKPC) expressed in terms of the actual levels of variables - rather than in-deviation from “steady state” form - and thus a specification which is not regime-dependent. A consequence of our approach is that ex-ante all firms face the same optimization problem. This state-dependent NKPC nests the conventional hybrid NKPC form as a special case. Finally, we demonstrate the uefulness of our approach by, first, analyzing the persistence and variability of inflation shocks under different inflation regimes and then comparing our state-dependent and timedependent NKPCs on US data.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 806
- Klassifikation
-
Wirtschaft
Price Level; Inflation; Deflation
Business Fluctuations; Cycles
- Thema
-
Calvo Price Staggering
Firm-Level Optimization
New Keynesian Phillips Curves
Regime Dependency+
State-Dependency
Marktmechanismus
Preismanagement
New-Keynesian Phillips Curve
Inflationserwartung
Theorie
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
McAdam, Peter
Willman, Alpo
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2007
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:22 MESZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- McAdam, Peter
- Willman, Alpo
- European Central Bank (ECB)
Entstanden
- 2007
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