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Year: 2014 Publisher: London Centre for economic policy research
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Year: 2009 Publisher: Brussels NBB
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Year: 2011 Publisher: Frankfurt am Main European Central Bank
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Starting from the assumption that firms are more likely to adjust their prices when doing so is more valuable, this paper analyzes monetary policy shocks in a DSGE model with firm-level heterogeneity. The model is calibrated to retail price microdata, and inflation responses are decomposed into “intensive”, “extensive”, and “selection” margins. Money growth and Taylor rule shocks both have nontrivial real effects, because the low state dependence implied by the data rules out the strong selection effect associated with fixed menu costs. The response to firm-specific shocks is gradual, though inappropriate econometrics might make it appear immediate.
Book
Year: 2009 Publisher: Brussels National Bank of Belgium
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This paper reviews recent approaches to modeling the labour market, and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behaviour. The following modeling setups are analysed: right-to-manage bargaining vs. efficient bargaining, wage stickiness in new and existing matches, interactions at the firm level between price and wage-setting, alternative forms of hiring frictions, search on-the-job and endogenous job separation.
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Year: 2009 Publisher: Brussel Nationale Bank van België
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Year: 2009 Publisher: Brussels National Bank of Belgium
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