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Journal of money credit and banking
Article . 2013 . Peer-reviewed
License: Wiley Online Library User Agreement
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EconStor
Research . 2009
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Nonuniform Staggered Prices and Output Persistence

Authors: Söderberg, Johan;

Nonuniform Staggered Prices and Output Persistence

Abstract

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.

Country
Sweden
Related Organizations
Keywords

Dynamisches Gleichgewicht, Konjunktur, Geldpolitik, Economics, ddc:330, Synchronization, Inflation, Persistence, Price setting; Staggering; Synchronization; Persistence, Price setting, Schock, Staggering, Nationalekonomi, E31, Theorie, E32, jel: jel:E32, jel: jel:E31

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    popularity
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    influence
    This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
2
Average
Average
Average
Green
bronze