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dc.contributor.authorÁlvarez, Luis J.
dc.contributor.authorBurriel, Pablo
dc.date.accessioned2019-08-10T17:57:00Z
dc.date.available2019-08-10T17:57:00Z
dc.date.issued2010-04-09
dc.identifier.issnISSN: 0213-2710 (en papel)
dc.identifier.issnISSN: 1579-8666 (en línea)
dc.identifier.urihttps://repositorio.bde.es/handle/123456789/7015
dc.description.abstractThis paper shows that the standard Calvo model clearly fails to account for the distribution of price durations found in micro data. We propose a novel price setting model that fully captures heterogeneity in individual pricing behavior. Specifi cally, we assume that there is a continuum of firms that set prices according to a Calvo mechanism, each of them with a possibly different price adjustment parameter. The model is estimated by maximum likelihood and closely matches individual consumer and producer price data. Incorporating estimated price setting rules into a standard DSGE model shows that fully accounting for pricing heterogeneity is crucial to understanding infl ation and output dynamics. The standard calibration that assumes within sector homogeneity, as in Carvalho (2006), is at odds with micro data evidence and leads to a substantial distortion of estimates of the real impact of monetary policy
dc.format.extent31 p. : tab., gráf.
dc.language.isoen
dc.publisherBanco de España
dc.relation.ispartofDocumentos de Trabajo / Banco de España, 1010
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
dc.rights.urihttp://rightsstatements.org/vocab/InC-NC/1.0/
dc.subjectPrice setting
dc.subjectCalvo model
dc.subjectHeterogeneity
dc.subjectHazard rate
dc.titleIs a Calvo price setting model consistent with micro price data?
dc.typeDocumento de trabajo
dc.identifier.bdebib000275027
dc.identifier.bdepubDTRA-201010-eng
dc.subject.bdeMétodos Econométricos y Estadísticos
dc.subject.bdeFluctuaciones y ciclos económicos
dc.publisher.bdeMadrid : Banco de España, 2010
dc.subject.jelC40
dc.subject.jelD40
dc.subject.jelE30
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