What Do Micro Price Data Tell Us on the Validity of the New Keynesian Phillips Curve?

dc.creator	Álvarez, Luis J.
dc.date	2007
dc.date.accessioned	2013-10-16T06:57:39Z
dc.date.available	2013-10-16T06:57:39Z
dc.date.issued	2013-10-16
dc.identifier	http://hdl.handle.net/10419/17969
dc.identifier	ppn:558412378
dc.identifier	RePEc:zbw:ifwedp:6173
dc.identifier.uri	http://koha.mediu.edu.my:8181/xmlui/handle/10419/17969
dc.description	The New Keynesian Phillips curve (NKPC) is now the dominant model of inflation dynamics. In recent years, a large body of empirical research has documented price-setting behaviour at the individual level, allowing the assessment of the micro-foundations of pricing models. This paper analyses the implications of 25 theoretical models in terms of individual behaviour and finds that they considerably differ in their ability to match the key micro stylised facts. However, none is available to account for all of them, suggesting the need to develop more realistic micro-founded price setting models.
dc.language	eng
dc.publisher	Kiel Institute for the World Economy (IfW) Kiel
dc.relation	Economics Discussion Papers / Institut für Weltwirtschaft 2007-46
dc.rights	http://creativecommons.org/licenses/by-nc/2.0/de/deed.en
dc.subject	D40
dc.subject	E31
dc.subject	ddc:330
dc.subject	Pricing models
dc.subject	micro data
dc.subject	Phillips Curve
dc.subject	hazard rate
dc.title	What Do Micro Price Data Tell Us on the Validity of the New Keynesian Phillips Curve?
dc.type	doc-type:workingPaper

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