Search Results

Showing results 1 to 4 of approximately 4.

(refine search)
SORT BY: PREVIOUS / NEXT
Author:Villar Vallenas, Daniel 

Working Paper
The Skewness of the Price Change Distribution : A New Touchstone for Sticky Price Models

We present a new way of empirically evaluating various sticky price models used to assess the degree of monetary non-neutrality. While menu cost models uniformly predict that price change skewness and dispersion fall with inflation, in the Calvo model both rise. However, CPI price data from the late 1970's onwards shows that skewness does not fall with inflation, while dispersion does. We develop a random menu cost model that, with a menu cost distribution that has a strong Calvo feature, can match the empirical patterns found. The model therefore exhibits much more monetary non-neutrality ...
Finance and Economics Discussion Series , Paper 2017-028

Working Paper
Downward Nominal Wage Rigidity in the United States During and After the Great Recession

Rigidity in wages has long been thought to impede the functioning of labor markets. In this paper, we investigate the extent of downward nominal wage rigidity in US labor markets using job-level data from a nationally representative establishment-based compensation survey collected by the Bureau of Labor Statistics. We use several distinct methods to test for downward nominal wage rigidity and to assess whether such rigidity is less or more severe in the presence of negative economic shocks than in more normal economic times. We find a significant amount of downward nominal wage rigidity in ...
Finance and Economics Discussion Series , Paper 2016-001r1

Working Paper
Downward Nominal Wage Rigidity in the United States during and after the Great Recession

Rigidity in wages has long been thought to impede the functioning of labor markets. In this paper, we investigate the extent of downward nominal wage rigidity in US labor markets using job-level data from a nationally representative establishment-based compensation survey collected by the Bureau of Labor Statistics. We use several distinct methods to test for downward nominal wage rigidity and to assess whether such rigidity is less or more severe in the presence of negative economic shocks than in more normal economic times. We find a significant amount of downward nominal wage rigidity in ...
Working Papers , Paper 16-02R

Journal Article
Inflation: Drivers and Dynamics 2020 Conference Summary

To provide insights into the processes that drive inflationary dynamics, the Federal Reserve Bank of Cleveland holds an annual conference on the topic of inflation: the Inflation: Drivers and Dynamics series. The 2020 installment of the conference was held on May 21-22, 2020. This Commentary summarizes the papers at the conference, which broadly fell into four categories: (1) empirical Phillips curves, (2) networks and Phillips curves, (3) expectations formation, and (4) price-setting behavior and inflation.
Economic Commentary , Volume 2021 , Issue 02 , Pages 7

FILTER BY year

FILTER BY Content Type

FILTER BY Jel Classification

E24 2 items

E31 1 items

E32 1 items

E47 1 items

E52 1 items

J3 1 items

show more (2)

FILTER BY Keywords

PREVIOUS / NEXT