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http://hdl.handle.net/10071/29191
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Campo DC | Valor | Idioma |
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dc.contributor.author | Gasteiger, E. | - |
dc.contributor.author | Grimaud, A. | - |
dc.date.accessioned | 2023-08-29T13:43:27Z | - |
dc.date.available | 2023-08-29T13:43:27Z | - |
dc.date.issued | 2023 | - |
dc.identifier.citation | Gasteiger, E., & Grimaud, A. (2023). Price setting frequency and the Phillips curve. European Economic Review, 158, 104535. https://dx.doi.org/10.1016/j.euroecorev.2023.104535 | - |
dc.identifier.issn | 0014-2921 | - |
dc.identifier.uri | http://hdl.handle.net/10071/29191 | - |
dc.description.abstract | We develop a New Keynesian (NK) model with endogenous price setting frequency. Whether a firm updates its price is a discrete choice: when expected benefits outweigh expected costs, prices are reset optimally. The model gives rise to a non-linear Phillips curve as prices are more flexible during demand-driven expansions and less so during demand-driven recessions. Monetary policy can have substantial real effects despite the model having a state-dependent pricing component. Our quantitative analysis shows that contrary to the standard NK model, the assumed price setting behavior: (i) is consistent with micro data on price setting frequency; (ii) generates a direct effect of the time-varying price setting frequency on inflation; (iii) creates time-variation in the Phillips curve slope that explains shifts in the Phillips curve associated with different historical episodes; (iv) explains inflation dynamics without relying on implausible high cost-push shocks and nominal rigidities inconsistent with micro data; (v) reconciles the NK model with observed inflation moments. | eng |
dc.language.iso | eng | - |
dc.publisher | Elsevier | - |
dc.relation | info:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F00315%2F2020/PT | - |
dc.relation | info:eu-repo/grantAgreement/EC/H2020/721846/EU | - |
dc.rights | openAccess | - |
dc.subject | Price setting | eng |
dc.subject | Inflation dynamics | eng |
dc.subject | Monetary policy | eng |
dc.subject | Phillips curve | eng |
dc.title | Price setting frequency and the Phillips curve | eng |
dc.type | article | - |
dc.peerreviewed | yes | - |
dc.volume | 158 | - |
dc.date.updated | 2023-08-29T14:42:08Z | - |
dc.description.version | info:eu-repo/semantics/publishedVersion | - |
dc.identifier.doi | 10.1016/j.euroecorev.2023.104535 | - |
dc.subject.fos | Domínio/Área Científica::Ciências Sociais::Economia e Gestão | por |
iscte.identifier.ciencia | https://ciencia.iscte-iul.pt/id/ci-pub-96966 | - |
iscte.alternateIdentifiers.scopus | 2-s2.0-85166596337 | - |
iscte.journal | European Economic Review | - |
Aparece nas coleções: | BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica |
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article_96966.pdf | 1,37 MB | Adobe PDF | Ver/Abrir |
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