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- W2110602591 abstract "Bils, Klenow and Malin (2012) recently constructed an empirical measure of reset price in‡ation (i.e. the rate of change of all desired prices) for the US economy, by using the micro-data underpinning the CPI and evaluated whether the state of the art instance of New Keynesian economics (i.e. Smets and Wouters (2007)) can explain the observed reset in‡ation. They found that the model is inadequate in this respect. I show that the Generalized Taylor Economy (GTE) that can account for the heterogeneity in contract lengths we observe in the data matches the data on reset in‡ation." @default.
- W2110602591 created "2016-06-24" @default.
- W2110602591 creator A5073814545 @default.
- W2110602591 date "2012-11-01" @default.
- W2110602591 modified "2023-09-27" @default.
- W2110602591 title "Using Micro Data on Prices to Improve Business Cycle Models" @default.
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