New evidence on inflation persistence and price stickiness in the euro area:: Implications for macro modeling

• 成果类型: Article; Proceedings Paper
• 署名作者: Angeloni, Ignazio; Gali, Jordi; Aucremanne, Luc; Levin, Andrew; Ehrmann, Michael; Smets, Frank
• 署名单位: Pompeu Fabra University
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1162/jeea.2006.4.2-3.562
• 发表日期: 2006
• 页码: 562-574
• 关键词: dynamics; money

摘要

This paper evaluates new evidence on price-setting practices and inflation persistence in the euro area with respect to its implications for macro modeling. It argues that several of the most commonly used assumptions in micro-founded macro models are seriously challenged by the new findings.