Exportar Publicação

A publicação pode ser exportada nos seguintes formatos: referência da APA (American Psychological Association), referência do IEEE (Institute of Electrical and Electronics Engineers), BibTeX e RIS.

Exportar Referência (APA) 
Gasteiger, E. & Grimaud, A. (2023). Price setting frequency and the Phillips curve. European Economic Review, 158. https://doi.org/10.1016/j.euroecorev.2023.104535
Exportar Referência (IEEE) 
E. M. Gasteiger and A. Grimaud,  "Price setting frequency and the Phillips curve", in European Economic Review, vol. 158, 2023
Exportar BibTeX 
@article{gasteiger2023_1790706454661,
	author = "Gasteiger, E. and Grimaud, A.",
	title = "Price setting frequency and the Phillips curve",
	journal = "European Economic Review",
	year = "2023",
	volume = "158",
	number = "",
	doi = "10.1016/j.euroecorev.2023.104535",
	url = "https://www.sciencedirect.com/science/article/pii/S0014292123001642?via%3Dihub"
}
Exportar RIS 
TY  - JOUR
TI  - Price setting frequency and the Phillips curve
T2  - European Economic Review
VL  - 158
AU  - Gasteiger, E.
AU  - Grimaud, A.
PY  - 2023
SN  - 0014-2921
DO  - 10.1016/j.euroecorev.2023.104535
UR  - https://www.sciencedirect.com/science/article/pii/S0014292123001642?via%3Dihub
AB  - We develop a New Keynesian (NK) model with endogenous price setting frequency. Whether a firm updates its price is a discrete choice: when expected benefits outweigh expected costs, prices are reset optimally. The model gives rise to a non-linear Phillips curve as prices are more flexible during demand-driven expansions and less so during demand-driven recessions. Monetary policy can have substantial real effects despite the model having a state-dependent pricing component. Our quantitative analysis shows that contrary to the standard NK model, the assumed price setting behavior: (i) is consistent with micro data on price setting frequency; (ii) generates a direct effect of the time-varying price setting frequency on inflation; (iii) creates time-variation in the Phillips curve slope that explains shifts in the Phillips curve associated with different historical episodes; (iv) explains inflation dynamics without relying on implausible high cost-push shocks and nominal rigidities inconsistent with micro data; (v) reconciles the NK model with observed inflation moments.
ER  -