On implications of micro price data for macro models
Bartosz Maćkowiak () and
No 960, Working Paper Series from European Central Bank
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. JEL Classification: E3, E5
Keywords: micro price data; models of price setting; real effects of nominal shocks; sticky prices (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-ecm and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (18) Track citations by RSS feed
Downloads: (external link)
Journal Article: On implications of micro price data for macro models (2008)
Working Paper: On Implications of Micro Price Data for Macro Models (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:ecb:ecbwps:20080960
Access Statistics for this paper
More papers in Working Paper Series from European Central Bank 60640 Frankfurt am Main, Germany. Contact information at EDIRC.
Series data maintained by Official Publications ().