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• W1572231717 abstract "This paper uses the Bayesian approach to solve and estimate a New Keynesian model augmented by a generalized Phillips curve, in which the shape of the price reset hazards can be identiÂ…ed using aggregate data. My empirical result shows that a constant hazard function is easily rejected by the data. The empirical hazard function for post-1983 periods in the U.S. is consistent with micro evidence obtained using data from similar periods. The hazard for pre-1983 periods, however, exhibits a remarkable increasing pattern, implying that pricing decisions are characterized by both time- and state-dependent aspects. Additionally, real rigidity plays an important role, but not as big a role as found in empirical studies using limited information methods." @default.
• W1572231717 created "2016-06-24" @default.
• W1572231717 creator A5086049530 @default.
• W1572231717 date "2009-11-01" @default.
• W1572231717 modified "2023-09-25" @default.
• W1572231717 title "Real and nominal rigidities in price setting: A bayesian analysis using aggregate data" @default.
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• W1572231717 hasPublicationYear "2009" @default.
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