Prices and unit labor costs: a new test of price stickiness $
Prices and unit labor costs: a new test of price stickiness $
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DOI：
10.1016/s0304-3932(01)00111-8
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发表时间：
2002-03
影响因子：
4.1
通讯作者：
Argia M. Sbordone
中科院分区：
文献类型：
--
作者：
Argia M. Sbordone
本文研究了一个简单的名义价格刚性优化模型对通货膨胀动态的预测。假定名义劳动报酬和劳动生产率的路径近似于边际成本的演化，我确定了由企业最优定价问题的解预测的价格路径。选择模型参数以最大化与数据的拟合。我发现了价格粘性的显著程度的证据，并为价格设定的前瞻性模型提供了实质性支持。结果是稳健的使用替代预测模型的路径的单位劳动力成本，替代措施的边际成本，和替代规格的价格交错模型。
This paper investigates the predictions of a simple optimizing model of nominal price rigidity for the dynamics of inflation. Taking as given the paths of nominal labor compensation and labor productivity to approximate the evolution of marginal costs, I determine the path of prices predicted by the solution of the firms’ optimal pricing problem. Model parameters are chosen to maximize the fit with the data. I find evidence of a significant degree of price stickiness and substantial support for the forward-looking model of price setting. The results are robust to the use of alternative forecasting models for the path of unit labor costs, alternative measures of marginal costs, and alternative specifications the model of price staggering.