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We establish five facts about prices in the U.S. economy: 1) The median implied duration of consumer prices when sales are excluded at the product level is between 8 and 11 months. The median implied duration of finished goods producer prices is 8.7 months. 2) One-third of regular price changes are price decreases. 3) The frequency of price increases… (More)

- Jón Steinsson
- 2003

This paper studies optimal monetary policy in a model where inflation is persistent. Two types of price setters are assumed to exist. One acts rationally given Calvo-type constraints on price setting. The other type sets prices according to a rule-of-thumb. This results in a Phillips curve with both a forward-looking term and a backward-looking term. The… (More)

We estimate an empirical model of consumption disasters using new data on consumption for 24 countries over more than 100 years, and study its implications for asset prices. The model allows for partial recoveries after disasters that unfold over multiple years. We find that roughly half of the drop in consumption due to disasters is subsequently reversed.… (More)

- Lucas Orchard, Ian Martin, +9 authors James Ian Vickery
- 2008

I solve for asset prices, expected returns, and the term structure of interest rates in an endowment economy in which a representative agent with power utility consumes the dividends of multiple assets. The assets are Lucas trees; a collection of Lucas trees is a Lucas orchard. The model replicates various features of the data. Assets with independent… (More)

- Andrew W.B. Johnston, Sigurlaug Arnadottir, +6 authors Helgi Valdimarsson
- The British journal of dermatology
- 2008

BACKGROUND
Obesity is a significant risk factor for psoriasis and body mass index (BMI) correlates with disease severity. Objectives To investigate the relationship between obesity and psoriasis, focusing on the role of adipokines such as leptin and resistin.
PATIENTS/METHODS
Patients with psoriasis (n = 30) were recruited and their BMI, waist… (More)

Empirical evidence suggests that as much as 1/3 of the U.S. business cycle is due to nominal shocks. We calibrate a multi-sector menu cost model using new evidence on the cross-sectional distribution of the frequency and size of price changes in the U.S. economy. We augment the model to incorporate intermediate inputs. We show that the introduction of… (More)

Ravi Bansal and Amir Yaron (2004) developed the Long Run Risk (LRR) model which emphasizes the role of long run risks, that is, low-frequency movements in consumption growth rates and volatility, in accounting for a wide range of asset pricing puzzles. In this article we present a generalized LRR model, which allows us to study the role of cyclical… (More)

The paper considers specifications of monetary policy that hold the real or nominal interest rate constant in response to a government spending shock. Here, we illustrate the method used to solve for these monetary policy specifications. We do this for the case of separable preference. We use an analogous approach for the case of GHH preference. Consider… (More)

We propose a new explanation for price rigidity. If consumers form habits in individual goods, then firms face a time-inconsistency problem. The consumers’ habits imply that low prices in the future help attract customers in the present. Firms would therefore like to promise low prices in the future. But when the future arrives they have an incentive to… (More)

- COST MODEL, Emi Nakamura, +8 authors Michael Woodford
- 2010

Empirical evidence suggests that as much as one-third of the U.S. business cycle is due to nominal shocks. We calibrate a multisector menu cost model using new evidence on the cross-sectional distribution of the frequency and size of price changes in the U.S. economy. We augment the model to incorporate intermediate inputs. We show that the introduction of… (More)