Time-dependent pricing and new keynesian Phillips curve /

This paper explores what can be lost when assuming price adjustment is a time - independent (memoryless) process.I derive a generalized NKPC in an optinizing model with the non- constant hazard function and trend inflation. Memory emerges in the resulting Phillips curve through the presence of lagge...

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Bibliographic Details
Main Author: Yao, Fang
Format: Book
Language:English
Published: Frankfurt am Main : Deutsche Bundesbank, 2009
Series:Discussion paper (Deutsche Bundesbank). Series 1: economic studies no. 08/2009
Subjects:
Online Access:http://econstor.eu/bitstream/10419/27662/1/200908dkp.pdf