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An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy
- J. Rotemberg, M. Woodford
- EconomicsNBER Macroeconomics Annual
- 1 January 1997
This paper considers a simple quantitative model of output, interest rate and inflation determination in the United States, and uses it to evaluate alternative rules by which the Fed may set interest…
Sticky Prices in the United States
- J. Rotemberg
- EconomicsJournal of Political Economy
- 1 December 1982
It has often been argued that prices are sticky in the United States. However, the empirical papers that have claimed to support this view have not reflected any formal behavioral theory. This paper…
A Supergame-Theoretic Model of Price Wars during Booms
- J. Rotemberg, Garth Saloner
- Economics
- 1 June 1986
This paper studies implicitly colluding oligopolists facing fluctuatingdemand. The credible threat of future punishments provides the discipline that facilitates collusion. However, the authors find…
Monopolistic Price Adjustment and Aggregate Output
- J. Rotemberg
- Economics
- 11 September 2015
This paper studies the consequences for the behaviour of aggregate output of the perception on the part of firms that changing prices is costly. The rational expectations equilibrium of an economy…
Interest-Rate Rules in an Estimated Sticky Price Model
- J. Rotemberg, M. Woodford
- Economics
- 1 June 1998
This paper evaluates alternative rules by which the Fed may set interest rates using the small model of the U.S. economy estimated in Rotemberg and Woodford (1997). Our main substantive finding is…
The Cyclical Behavior of Prices and Costs
- J. Rotemberg, M. Woodford
- Economics
- 1 January 1999
Because inputs are scarce, marginal cost should be an increasing function of output. Without changes in this real marginal cost schedule, aggregate output can vary if and only if the markup of price…
An Empirical Model of Labor Supply in a Life-Cycle Setting
- N. Mankiw, J. Rotemberg, L. Summers
- Economics
- 2007
An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy: Expanded Version
- J. Rotemberg, M. Woodford
- Economics
- 1 May 1998
This paper considers a simple quantitative model of output, interest rate and inflation determination in the United States, and uses it to evaluate alternative rules by which the Fed may set interest…
Oligopolistic Pricing and the Effects of Aggregate Demand on Economic Activity
- J. Rotemberg, M. Woodford
- EconomicsJournal of Political Economy
- 1 December 1989
We construct a dynamic general equilibrium model in which the typical industry colludes by threatening to punish deviations from an implicitly agreed-on pricing path. We use methods similar to those…
The Excess Co-Movement of Commodity Prices
- R. Pindyck, J. Rotemberg
- Economics
- 1 July 1988
This paper tests and confirms the existence of a puzzling phenomenon - the prices of largely unrelated raw commodities have a persistent tendency to move together. We show that this comovement of…
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