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    Generalised Taylor and Generalised Calvo Price and Wage Setting: Micro-evidence with Macro Implications

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    Authors
    Dixon, H.
    Le Bihan, Herve
    Date
    2012
    Type
    Journal Article
    
    Metadata
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    Citation
    Dixon, H. and Le Bihan, H. 2012. Generalised Taylor and Generalised Calvo Price and Wage Setting: Micro-evidence with Macro Implications. The Economic Journal. 122 (560): pp. 532-554.
    Source Title
    The Economic Journal
    DOI
    10.1111/j.1468-0297.2012.02497.x
    ISSN
    0013-0133
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/55666
    Collection
    • Curtin Research Publications
    Abstract

    The Generalised Calvo and the Generalised Taylor models of price and wage setting are, unlike the standard Calvo and Taylor counterparts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro-data from a major euro area economy (France), we develop calibrated versions of these models. We assess the consequences for monetary policy transmission by embedding these calibrated models in a standard dynamic stochastic general equilibrium model. The Generalised Taylor model is found to help rationalise the hump-shaped and persistent response of inflation, without resorting to the counterfactual assumption of systematic wage and price indexation. © 2012 The Author(s). The Economic Journal © 2012 Royal Economic Society.

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