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Sticky price models of the business cycle: can the contract multiplier solve the persistence problem?
We construct a quantitative equilibrium model with price setting and use it to ask whether with staggered price setting monetary shocks can generate business cycle fluctuations. These fluctuations include persistent output fluctuations along with the other defining features of business cycles, like volatile investment and smooth consumption. We assume that prices are exogenously sticky for a short period of time. Persistent output fluctuations require endogenous price stickiness in the sense that firms choose not to change prices very much when they can do so. We find that for a wide range of ...
Journal Article
Statement to Congress, February 6, 1990 (price stability)
Journal Article
Statement to Congress, February 6, 1990 (price stability)
Journal Article
Pricing federal irrigation water: a California case study
Newsletter
Fiscal policy and price stability: the case of Italy, 1992–98
Many authorities at home and abroad questioned Italy's ability to meet the strict criteria to join the European Monetary Union. The author looks at the interaction between fiscal policy and monetary policy in Italy between 1992, when it exited the European Exchange Rate Mechanism, and 1998, when an official announcement was made that it would join the union.
Journal Article
Statement to Congress, February 6, 1990 (price stability)
Journal Article
Statement to Congress, February 6, 1990 (price stability)
Conference Paper
Issues in deposit insurance reform