MARC Record from Scriblio

LEADER: 02164cam 22003377a 4500
001 2005619288
003 DLC
005 20050630074122.0
007 cr |||||||||||
008 050629s2005 mnu sb f000 0 eng
010 $a 2005619288
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aAndrés, Javier.
245 10 $aSticky-price models and the natural rate hypothesis$h[electronic resource] /$cby Javier Andrés, J. David López-Salido, and Edward Nelson.
260 $a[St. Louis, Mo.] :$bFederal Reserve Bank of St. Louis,$c[2005]
490 1 $aWorking paper ;$v2005-018A
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 6/29/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"A major criticism of standard specifications of price adjustment in models for monetary policy analysis is that they violate the natural rate hypothesis by allowing output to differ from potential in steady state. In this paper we estimate a dynamic optimizing business cycle model whose price-setting behavior satisfies the natural rate hypothesis. The price-adjustment specifications we consider are the sticky-information specification of Mankiw and Reis (2002) and the indexed contracts of Christiano, Eichenbaum, and Evans (2005). Our empirical estimates of the real side of the economy are similar whichever price adjustment specification is chosen. Consequently, the alternative model specifications deliver similar estimates of the U.S. output gap series, but the empirical behavior of the gap series differs substantially from standard gap estimates"--Federal Reserve Bank of St. Louis web site.
650 0 $aPrices$xEconometric models.
650 0 $aBusiness cycles$xEconometric models.
650 0 $aMonetary policy.
700 1 $aLópez-Salido, J. David.
700 1 $aNelson, Edward,$d1971-
710 2 $aFederal Reserve Bank of St. Louis.
830 0 $aWorking paper (Federal Reserve Bank of St. Louis : Online) ;$v2005-018A.
856 40 $uhttp://research.stlouisfed.org/wp/more/2005-018/