2 Works

Predetermined Prices and the Persistent Effects of Money on Output

Michael B. Devereux & James Yetman
This paper illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This type of price-setting specification cannot produce any excess persistence in a fixed-duration model of staggered prices, but we show that with a probabilistic model of price adjustment, as in Calvo (1983), a predetermined pricing specification can produce excess persistence. Moreover, in response to a...

Policy recommendations for 8th ITPGRFA Governing Body Meeting

Garrett Graddy-Lovelace, Maywa Montenegro, Alder Keleman Saxena, Andrew Jones, Margarita Fernandez, Marina Padrao Temudo, Alark Saxena, Diana V. Luna González, Hannah Wittman, Devon Sampson, Veronica Limeberry, Alejandro Argumedo, Marcela Cely-Santos, Rachel Bezner Kerr, Claire Kremen & Béla Teeken

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