| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w27657
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| 来源ID | Working Paper 27657
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| Staggered Price Indexation |
| Martín Uribe
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| 发表日期 | 2020-08-10
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| 出版年 | 2020
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| 语种 | 英语
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| 摘要 | Empirical studies using micro data find that about two thirds of all product prices do not change in a given quarter. This evidence has been interpreted as indicating the absence of price indexation. Further, models of staggered price setting without indexation interpret all price changes as optimal. However, the empirical evidence is mute with regard to whether price changes are optimal or not. To reconcile the possibility of price indexation with the micro evidence on the frequency of price changes, I modify the Calvo sticky price model by allowing each period a fraction of randomly picked prices to change optimally, another fraction of randomly picked prices to change due to indexation, and the remaining prices to be constant. The paper presents five main findings: (1) with staggered price indexation the Phillips curve includes a state variable that carries information about all past inflation rates; (2) as the degree of staggered price indexation increases, the Phillips curve becomes flatter; (3) staggered indexation dampens the short-run effect of monetary policy on inflation and amplifies its effect on output; (4) fixing the probability of a price change to 33% per quarter (in accordance with the empirical evidence), a small-scale new-Keynesian model estimated on U.S. data yields a probability of indexation of 19% per quarter (and therefore a probability of an optimal price change of 14% per quarter); and (5) according to the estimated model, staggered indexation explains more than half of the observed persistence of inflation in the United States. |
| 主题 | Macroeconomics
; Macroeconomic Models
; Business Cycles
; Monetary Policy
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| URL | https://www.nber.org/papers/w27657
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585329
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推荐引用方式
GB/T 7714 |
Martín Uribe. Staggered Price Indexation. 2020.
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文件名：
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w27657.pdf
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格式：
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Adobe PDF
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