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Replication data for: Reset Price Inflation and the Impact of Monetary Policy Shocks

Version
1
Resource Type
Dataset
Creator
  • Bils, Mark
  • Klenow, Peter J.
  • Malin, Benjamin A.
Publication Date
2012-05-01
Description
  • Abstract

    Many business cycle models use a flat short-run Phillips curve, due to time-dependent pricing and strategic complementarities, to explain fluctuations in real output. But, in doing so, these models predict unrealistically high persistence and stability of US inflation in recent decades. We calculate "reset price inflation"—based on new prices chosen by the subsample of price changers—to dissect this discrepancy. We find that the models generate too much persistence and stability both in reset price inflation and in the way reset price inflation is converted into actual inflation. Our findings present a challenge to existing explanations for business cycles. (JEL E31, E52)
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/aer.102.6.2798 (Text)
Publications
  • Bils, Mark, Peter J Klenow, and Benjamin A Malin. “Reset Price Inflation and the Impact of Monetary Policy Shocks.” American Economic Review 102, no. 6 (October 2012): 2798–2825. https://doi.org/10.1257/aer.102.6.2798.
    • ID: 10.1257/aer.102.6.2798 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-11

Bils, Mark; Klenow, Peter J.; Malin, Benjamin A. (2012): Replication data for: Reset Price Inflation and the Impact of Monetary Policy Shocks. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E112559V1