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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/17873Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.creator | McCallum, Bennett T. | - |
| dc.date | 2007 | - |
| dc.date.accessioned | 2013-10-16T06:57:09Z | - |
| dc.date.available | 2013-10-16T06:57:09Z | - |
| dc.date.issued | 2013-10-16 | - |
| dc.identifier | http://hdl.handle.net/10419/17873 | - |
| dc.identifier | ppn:535022026 | - |
| dc.identifier.uri | http://koha.mediu.edu.my:8181/xmlui/handle/10419/17873 | - |
| dc.description | It is clear that at present various versions of the Calvo (1983) model of price adjustment are dominant in monetary policy analysis?see, e.g., Woodford (2003). This is true despite well-known criticisms including Mankiw (2001) or Mankiw and Reis (2002) and the well-documented need for the addition of ad-hoc features if actual inflation and output data are to be matched. Accordingly, there is ample reason, to give consideration to alternative models. In this paper, a new look is given to the P-bar model utilized by McCallum and Nelson (1999a, 1999b), based on previous work by Mussa (1981) and others. Relative to the Calvo model, the P-bar specification has three significant advantages: it satisfies the strict version of the natural rate hypothesis; it relies on costs of adjusting output, which are more tangible than menu costs of changing prices; and its basic version produces more realistic autocorrelation patterns than does the basic Calvo specification. The present paper develops these comparisons more completely and systematically than in previous work. | - |
| dc.language | eng | - |
| dc.publisher | Kiel Institute for the World Economy (IfW) Kiel | - |
| dc.relation | Kieler Arbeitspapiere 1361 | - |
| dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | - |
| dc.subject | ddc:330 | - |
| dc.title | Basic Calvo and P-Bar Models of Price Adjustment: A Comparison | - |
| dc.type | doc-type:workingPaper | - |
| Appears in Collections: | EconStor | |
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