Dixon, Huw David ![]() |
Official URL: http://dx.doi.org/10.1515/1935-1690.2220
Abstract
This paper develops a statistical framework of steady-state identities which enable us to match the distributions of durations found in the micro-data to generalized Taylor and Calvo models of time-dependent pricing. We illustrate the approach with the UK micro CPI data for 1996-2009, and employ the pricing models in a simple macromodel. We find that the Generalized Taylor Economy generates a hump shaped inflation impulse response function, whilst the Generalized Calvo does not.
Item Type: | Article |
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Date Type: | Publication |
Status: | Published |
Schools: | Business (Including Economics) |
Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HF Commerce |
Uncontrolled Keywords: | price-spell; steady state; hazard rate; Calvo; Taylor |
Publisher: | De Gruyter |
ISSN: | 1935-1690 |
Last Modified: | 21 Oct 2022 09:53 |
URI: | https://orca.cardiff.ac.uk/id/eprint/38222 |
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