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Nonuniform Staggered Prices and Output Persistence
Stockholm University, Faculty of Social Sciences, Department of Economics.
2013 (English)In: Journal of Money, Credit and Banking, ISSN 0022-2879, E-ISSN 1538-4616, Vol. 45, no 6, 1017-1044 p.Article in journal (Refereed) Published
Abstract [en]

Staggered prices are a fundamental building block of New Keynesian dynamic stochastic general equilibrium models. In the standard model, prices are uniformly staggered, but recent empirical evidence suggests that deviations from uniform staggering are common. This paper analyzes how synchronization of price changes affects the response to monetary policy shocks. I find that even large deviations from uniform staggering have small effects on the response of output. Aggregate dynamics in a model of uniform staggering may serve well as an approximation to a more complicated model with some degree of synchronization in price setting.

Place, publisher, year, edition, pages
2013. Vol. 45, no 6, 1017-1044 p.
Keyword [en]
price setting, staggering, synchronization, persistence
National Category
Economics
Identifiers
URN: urn:nbn:se:su:diva-93753DOI: 10.1111/jmcb.12042ISI: 000323130500002OAI: oai:DiVA.org:su-93753DiVA: diva2:650179
Note

AuthorCount:1;

Available from: 2013-09-20 Created: 2013-09-16 Last updated: 2017-12-06Bibliographically approved

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