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4 edition of Endogenous information, menu costs and inflation persistence found in the catalog.

Endogenous information, menu costs and inflation persistence

Yuriy Gorodnichenko

Endogenous information, menu costs and inflation persistence

by Yuriy Gorodnichenko

  • 195 Want to read
  • 20 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English


Edition Notes

StatementYuriy Gorodnichenko.
SeriesNBER working paper series -- working paper 14184, Working paper series (National Bureau of Economic Research : Online) -- working paper no. 14184.
ContributionsNational Bureau of Economic Research.
Classifications
LC ClassificationsHB1
The Physical Object
FormatElectronic resource
ID Numbers
Open LibraryOL17088623M
LC Control Number2008610999

Menu Costs, Relative Prices, and Inflation: Evidence for Canada Staff Working Papers, Bank of Canada View citations (21) The credibility of monetary policy: a survey of the literature with some simple applications to Caanda Meeting papers, University Library of Munich, Germany View citations (2) Oil Prices and Inflation Stephen P. A Brown, David B. Oppedahl and Mine K. Yiicel Abstract This article uses impulse response functions based on a vector autoregressive model of the U.S. economy to analyze how oil price shocks move through major channels of the.

This book focuses on the implications of the South African labour market dynamics including labour market reforms and fiscal policy for monetary policy and financial stability. Evidence suggests there are benefits in adopting an approach that coordinates labour market policies and reforms, fiscal policy, price and financial stability. Federal Reserve Bank of New York Staff Reports, no. December JEL classification: E31 Abstract The New Keynesian Phillips curve (NKPC) asserts that inflation depends on expectationsof real marginal costs, but empirical research has shown that purely forward-looking versions of the model generate too little inflation persistence. In thisCited by:

Start studying ECON EXAM 3. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Get this from a library! Menu Costs and the Neutrality of Money. [Daniel F Spulber; Andrew C Caplin; National Bureau of Economic Research.;] -- A model of endogenous price adjustment under money growth is presented. Firms follow (s, S) pricing policies and price revisions are imperfectly synchronized. In the aggregate, price stickiness.


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Endogenous information, menu costs and inflation persistence by Yuriy Gorodnichenko Download PDF EPUB FB2

Endogenous information, menu costs and inflation persistence Yuriy Gorodnichenko University of California, Berkeley and NBER November Abstract: This paper develops a model where firms make state-dependent decisions on both pricing and acquisition of information.

Endogenous information, menu costs and inflation persistence Yuriy Gorodnichenko. NBER Working Paper No. Issued in July NBER Program(s):Economic Fluctuations and Growth, Monetary Economics This paper develops a model where firms make state-dependent decisions on both pricing and acquisition of information.

Endogenous information, menu costs and inflation persistence Yuriy Gorodnichenko NBER Working Paper No. July JEL No. D82,D83,E31,E52 ABSTRACT This paper develops a model where firms make state-dependent decisions on both pricing and acquisition of information. The information externality and menu costs reinforce each other in delaying price adjustment.

As a result, the response of inflation to nominal shocks is both sluggish and hump-shaped. The model can also qualitatively capture a number of stylized facts about price setting at the micro level and inflation.

menu cost inflation persistence endogenous information price setting endogenous public signal generate rigidity micro level nominal shock information externality macro level aggregate price level stylized fact price level real rigidity state-dependent decision price adjustment price change.

Endogenous Information, Menu Costs and Inflation Persistence Article in SSRN Electronic Journal August with 31 Reads How we measure 'reads'Author: Yuriy Gorodnichenko.

CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): Shapiro, and Dmitriy Stolyarov for comments on previous drafts of the paper. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

NBER working papers are circulated for discussion and comment purposes. The information externality and menu costs reinforce each other in delaying price adjustment. As a result, the response of inflation to nominal shocks is both sluggish and hump-shaped. The model can also qualitatively capture a number of stylized facts about price setting at the micro level and inflation Author: Yuriy Gorodnichenko.

This chapter examines the concept of inflation persistence in macroeconomic theory. It begins with a definition of persistence, emphasizing the difference between reduced-form and structural persistence. It then examines a number of empirical measures of reduced-form persistence, considering the possibility that persistence has changed over time.

The chapter then examines the theoretical. Inflation expectations, persistence and monetary policy the degree of inflation persistence; if persistence is low, the output costs to disinflation will be small. Inflation persistence has posed a major challenge for monetary authorities in emerging market economies (EMEs) over the years and is believed to have been a factor behind the Cited by: 5.

Yuriy Gorodnichenko, "Endogenous information, menu costs and inflation persistence," NBER Working PapersNational Bureau of Economic Research, Inc.

Richard Mash, "Optimising Microfoundations for Inflation Persistence," Economics Series Working PapersUniversity of Oxford, Department of Economics.

Endogenous Price Stickiness and Business Cycle Persistence Abstract This paper presents a model with imperfect information and price stickiness. In the model, both imperfect information and nominal price rigidity allow nominal shocks to act as business cycle impulses, but only sticky prices propagate the real effects of nominal shocks over by: prices.

The implied endogenous information diffusion follows a Bernoulli differential equation, implying a nonlinear path of learn-ing. Nonlinear learning implies hump-shaped dynamics of output and inflation.

A quantitative exercise suggests that these dynamics can be sizable and persistent. (JEL D11, D21, D40, D82, E23, E31) S. Get this from a library. Endogenous information, menu costs and inflation persistence. [Yuriy Gorodnichenko; National Bureau of Economic Research.] -- This paper develops a model where firms make state-dependent decisions on both pricing and acquisition of information.

It is shown that when information is not perfect, menu costs combined with the. Endogenous information, menu costs and inflation persistence NBER Working Papers, National Bureau of Economic Research, Inc View citations (43) Myth and Reality of Flat Tax Reform: Micro Estimates of Tax Evasion Response and Welfare Effects in Russia.

Yet these "menu" costs are small and, therefore, generally perceived as providing only a weak foundation for these fixed-price models. However, this inference is flawed. Small menu costs. From Eq., we can see there are two effects of trend inflation on steady state output.

The first, direct effect is positiveThe second, indirect effect, is negative, and comes about through the endogenous frequency of price adjustment.

Fig. 1 illustrates the relationship between trend inflation and steady state output, including both effects. Note that there is a positive trade-off when Cited by: In this paper, we revisit the issue of the welfare costs of inflation in the context of endogenous growth.

First, we develop an alternative endogenous growth model, in which perpetual growth arises from a positive capital externality as suggested by Romer ().Cited by:   Menu costs refer to an economic term used to describe the cost incurred by firms in order to change their prices.

How expensive it is to change prices depends on the type of Author: Will Kenton. Inflation and Interest Rates with Endogenous Market Segmentation Aubhik Khan edFeral Reserev Bank of Philadelphia persistence in in ation that is implied by the exogenous segmentation model is reduced, as house- micro-founded menu cost model cannot address the liquidiyt eect described by.

The type of inflation that is a greater problem to society is a. unanticipated inflation, since it has some costs associated with it, such as menu costs.

b. unanticipated inflation, since it causes greater redistribution of income between those making payments and those awaiting payments in the future.The optimal inflation rate in New Keynesian models: should central banks raise their inflation targets in light of the zero lower bound?

O Coibion, Y Gorodnichenko, J Wieland Review of Economic Studies 79 (4),  His research focuses on unemployment, inflation, exchange rates, the balance of payments, economic growth and monetary and fiscal policy.

Inhis book “The Drachma: From the Phoenix to the Euro” (with Sophia Lazaretou), a monetary and economic history of Greece since the 19th century, was awarded the Annual Prize of the Academy of Athens.