Abstract

http://ssrn.com/abstract=1291169
 
 

References (68)



 
 

Citations (14)



 


 



On Implications of Micro Price Data for Macro Models


Bartosz Mackowiak


Humboldt University of Berlin - Faculty of Economics

Frank Smets


European Central Bank (ECB); KU Leuven - Center for Economic Studies

November 12, 2008

ECB Working Paper No. 960

Abstract:     
We review the recent literature that studies new, detailed micro data on prices. We discuss implications of the new micro data for macro models. We argue that the new micro data are helpful for macro models, but not decisive. There is no simple mapping from the frequency of price changes in micro data to impulse responses of prices and quantities to shocks. We discuss ideas that promise to deliver macro models matching the impulse responses seen in macro data while being broadly in line with micro data.

Number of Pages in PDF File: 55

Keywords: Sticky prices, micro price data, models of price setting, real effects of nominal shocks

JEL Classification: E3, E5

working papers series





Download This Paper

Date posted: November 19, 2008  

Suggested Citation

Mackowiak, Bartosz and Smets, Frank, On Implications of Micro Price Data for Macro Models (November 12, 2008). ECB Working Paper No. 960. Available at SSRN: http://ssrn.com/abstract=1291169

Contact Information

Bartosz Mackowiak
Humboldt University of Berlin - Faculty of Economics ( email )
Spandauer Strasse 1
Berlin
Germany
Frank Smets (Contact Author)
European Central Bank (ECB) ( email )
Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany
+49 69 1344 6550 (Phone)
+49 69 1344 6575 (Fax)
KU Leuven - Center for Economic Studies ( email )
Naamsestraat 69
Leuven, B-3000
Belgium
Feedback to SSRN


Paper statistics
Abstract Views: 388
Downloads: 92
Download Rank: 172,261
References:  68
Citations:  14

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo1 in 0.343 seconds