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Figure 1 Data: Contractionary Monetary Shock Impulse Response
 Inflation
Quarter after Shock: 00
Quarter after Shock: 10.039021321549255
Quarter after Shock: 2-0.023112696666642
Quarter after Shock: 3-0.053514040862568
Quarter after Shock: 4-0.059657014436214
Quarter after Shock: 5-0.050498848891123
Quarter after Shock: 6-0.034403246176716
Quarter after Shock: 7-0.017816587941577
Quarter after Shock: 8-0.004725925719958
Quarter after Shock: 90.00324241353138099
Quarter after Shock: 100.00629542647452902
Quarter after Shock: 110.00574845419737499
Quarter after Shock: 120.00330889773597801
Quarter after Shock: 130.000516629798510998
Quarter after Shock: 14-0.00158503512105701
Quarter after Shock: 15-0.00254520818913101
Quarter after Shock: 16-0.00241901772697398
Return to Figure 1


Figure 2 Data: Increasing Strategic Complementarity
 Inflation
Quarter after Shock: 00
Quarter after Shock: 10.161611154257902
Quarter after Shock: 20.01866248695615
Quarter after Shock: 3-0.051612299967742
Quarter after Shock: 4-0.071489084808839
Quarter after Shock: 5-0.061737450210047
Quarter after Shock: 6-0.039433608678169
Quarter after Shock: 7-0.016583996201885
Quarter after Shock: 80.000125575671144997
Quarter after Shock: 90.008584032363867
Quarter after Shock: 100.00987533110875
Quarter after Shock: 110.006705271718401
Quarter after Shock: 120.002022786190857
Quarter after Shock: 13-0.001914597881597
Quarter after Shock: 14-0.003950623230366
Quarter after Shock: 15-0.003984130750808
Quarter after Shock: 16-0.002630057967361
Return to Figure 2


Figure 3 A Data: Robustness (Price Puzzle Disappears), sigma_i^2=0.09
 Inflation
Quarter after Shock: 00
Quarter after Shock: 1-0.007211944306881
Quarter after Shock: 2-0.039298002495497
Quarter after Shock: 3-0.054092170999311
Quarter after Shock: 4-0.053969377023323
Quarter after Shock: 5-0.044006522491027
Quarter after Shock: 6-0.02971313285331
Quarter after Shock: 7-0.015613716375597
Quarter after Shock: 8-0.00459181233206499
Quarter after Shock: 90.00217566995260099
Quarter after Shock: 100.004891389110875
Quarter after Shock: 110.00461637660571801
Quarter after Shock: 120.00272793440042499
Quarter after Shock: 130.000482190880971012
Quarter after Shock: 14-0.00125218410511502
Quarter after Shock: 15-0.00207979365107999
Quarter after Shock: 16-0.00201857934468999
Return to Figure 3 A


Figure 3 B Data: Robustness (Peak Effect in First Period), sigma_i^2=0.13
 Inflation
Quarter after Shock: 00
Quarter after Shock: 1-0.059133361517526
Quarter after Shock: 2-0.05774848893346
Quarter after Shock: 3-0.054973956970949
Quarter after Shock: 4-0.047648677854316
Quarter after Shock: 5-0.036624028064561
Quarter after Shock: 6-0.02427174817993
Quarter after Shock: 7-0.012970260794161
Quarter after Shock: 8-0.00433914273659097
Quarter after Shock: 90.00098972052517099
Quarter after Shock: 100.003251571356993
Quarter after Shock: 110.00324465935224399
Quarter after Shock: 120.00197999558199502
Quarter after Shock: 130.000384208482564985
Quarter after Shock: 14-0.000889043840828996
Quarter after Shock: 15-0.00152553791937299
Quarter after Shock: 16-0.00151411711944699
Return to Figure 3 B


Figure 3 C Data: Robustness (Price Puzzle Disappears), N=5
 Inflation
Quarter after Shock: 00
Quarter after Shock: 1-0.009422145143368
Quarter after Shock: 2-0.054736387602144
Quarter after Shock: 3-0.070202833821842
Quarter after Shock: 4-0.063962299682138
Quarter after Shock: 5-0.046082483229931
Quarter after Shock: 6-0.025549026426634
Quarter after Shock: 7-0.00854976847507999
Quarter after Shock: 80.00201435741689698
Quarter after Shock: 90.00607206287517198
Quarter after Shock: 100.00537502603939005
Quarter after Shock: 110.00235559753731496
Quarter after Shock: 12-0.000816771807205963
Quarter after Shock: 13-0.00278878307307001
Quarter after Shock: 14-0.00315232027579904
Quarter after Shock: 15-0.00224273394601698
Quarter after Shock: 16-0.000768444288816006
Return to Figure 3 C


Figure 3 D Data: Robustness (Peak Effect in First Period), N=12
 Inflation
Quarter after Shock: 00
Quarter after Shock: 1-0.122552522018911
Quarter after Shock: 2-0.118792097315141
Quarter after Shock: 3-0.087451229342997
Quarter after Shock: 4-0.048227544593568
Quarter after Shock: 5-0.017557341604805
Quarter after Shock: 6-0.00230425811255602
Quarter after Shock: 74.12578627960181e-05
Quarter after Shock: 8-0.00327433222687401
Quarter after Shock: 9-0.005715205268783
Quarter after Shock: 10-0.00465755285086
Quarter after Shock: 11-0.00130698078026598
Quarter after Shock: 120.00160228898833198
Quarter after Shock: 130.002277437199174
Quarter after Shock: 140.000922314045896988
Quarter after Shock: 15-0.000895372001640971
Quarter after Shock: 16-0.001680064584834
Return to Figure 3 D


Figure 3 E Data: Robustness (Price Puzzle Disappears), sigma_mu,theta^2=3
 Inflation
Quarter after Shock: 00
Quarter after Shock: 1-0.00726183716046
Quarter after Shock: 2-0.051341487015203
Quarter after Shock: 3-0.062189612022297
Quarter after Shock: 4-0.053913588151985
Quarter after Shock: 5-0.037879385127479
Quarter after Shock: 6-0.021744346863498
Quarter after Shock: 7-0.009462010997592
Quarter after Shock: 8-0.0020820453382
Quarter after Shock: 90.001129396634684
Quarter after Shock: 100.00164189788058899
Quarter after Shock: 110.000908757051154008
Quarter after Shock: 12-2.91459629870039e-05
Quarter after Shock: 13-0.000638529958381012
Quarter after Shock: 14-0.000798175445335975
Quarter after Shock: 15-0.000626790506517011
Quarter after Shock: 16-0.000319825299238991
Return to Figure 3 E


Figure 3 F Data: Robustness (Peak Effect in First Period), sigma_mu,theta^2=1
 Inflation
Quarter after Shock: 00
Quarter after Shock: 1-0.084133621216673
Quarter after Shock: 2-0.082085101288873
Quarter after Shock: 3-0.062792669297943
Quarter after Shock: 4-0.041520049449362
Quarter after Shock: 5-0.024463925199625
Quarter after Shock: 6-0.013043753425015
Quarter after Shock: 7-0.00640405928941901
Quarter after Shock: 8-0.00300508268906102
Quarter after Shock: 9-0.00145603334746297
Quarter after Shock: 10-0.000803413204184977
Quarter after Shock: 11-0.000515477924605046
Quarter after Shock: 12-0.000352360622766001
Quarter after Shock: 13-0.000232566160364989
Quarter after Shock: 14-0.000139904423142989
Quarter after Shock: 15-7.44712729480179e-05
Quarter after Shock: 16-3.44993075379607e-05
Return to Figure 3 F


Figure 4 A Data: Changes in Price Flexibility, Inflation
 alpha=0.1alpha=0.2alpha=0.35
Quarter after Shock: 0000
Quarter after Shock: 10.0166769838094360.051182480012389-0.025879557193712
Quarter after Shock: 20.0079303770604540.002515687822541-0.096463159936332
Quarter after Shock: 30.001404375083291-0.025455089343035-0.114498920733693
Quarter after Shock: 4-0.002885550340805-0.036590557189362-0.097743732828782
Quarter after Shock: 5-0.005213019443367-0.035925745899989-0.0648143772129
Quarter after Shock: 6-0.00600507992175-0.028510146545655-0.030821619683993
Quarter after Shock: 7-0.005729806991317-0.01859046618961-0.00516279402693803
Quarter after Shock: 8-0.004820122716392-0.0091924348526580.008685365116604
Quarter after Shock: 9-0.003631041851809-0.002043117455033990.0118971271962
Quarter after Shock: 10-0.0024229351881940.002261859600965990.00827448753117499
Quarter after Shock: 11-0.001362903892270.003950856135803010.00219739209340702
Quarter after Shock: 12-0.0005372997951480.003725020854752-0.00290255850077903
Quarter after Shock: 133.01984321909995e-050.00243920308745199-0.00527908356807499
Quarter after Shock: 140.0003591152525410.000863228261505006-0.00484513655096896
Quarter after Shock: 150.000494150757421-0.000456853824053-0.00262444585959604
Quarter after Shock: 160.000490282321055-0.001242446602784-1.1676652301007e-05
Return to Figure 4 A


Figure 4 B Data: Changes in Price Flexibility, Squared Ouput Deviation
 Squared Ouput Deviation
Alpha: 0.15.43958184197719
Alpha: 0.155.84164326573332
Alpha: 0.25.92426398987774
Alpha: 0.255.73213404001462
Alpha: 0.35.39265795178276
Alpha: 0.354.9951522374956
Return to Figure 4 B


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Last update: November 13, 2008