Finance and Economics Discussion Series: Data for 2011-48 Screen Reader version ♣
Optimal Monetary Policy with State-Dependent Pricing
Fig.1 (Left panel) Probability of price adjustment by vintage
| Vintage | Probability |
|---|---|
| 1 | 0.1121 |
| 2 | 0.3144 |
| 3 | 0.4915 |
| 4 | 0.6224 |
| 5 | 0.7152 |
| 6 | 0.7812 |
| 7 | 0.8287 |
| 8 | 0.8636 |
| 9 | 0.8897 |
| 10 | 0.9096 |
| 11 | 0.925 |
| 12 | 0.9371 |
| 13 | 0.9467 |
| 14 | 0.9545 |
| 15 | 0.9609 |
| 16 | 0.9661 |
| 17 | 0.9704 |
| 18 | 0.9741 |
| 19 | 0.9771 |
| 20 | 0.9798 |
| 21 | 0.982 |
| 22 | 0.9839 |
| 23 | 0.9846 |
| 24 | 1 |
Fig.1 (Right panel) Firm distribution by price vintage
| Vintage | Measure of Firms |
| 1 | 0.3372 |
| 2 | 0.2994 |
| 3 | 0.2053 |
| 4 | 0.1044 |
| 5 | 0.0394 |
| 6 | 0.0112 |
| 7 | 0.0025 |
| 8 | 0.0004 |
| 9 | 0.0001 |
| 10 | 0 |
| 11 | 0 |
| 12 | 0 |
| 13 | 0 |
| 14 | 0 |
| 15 | 0 |
| 16 | 0 |
| 17 | 0 |
| 18 | 0 |
| 19 | 0 |
| 20 | 0 |
| 21 | 0 |
| 22 | 0 |
| 23 | 0 |
| 24 | 0 |
Fig.2: Responses to a Technology and Government Spending Shock (Government Spending)
| Quarters | Government spending shock | Real interest rate | Output gap | Consumption | Hours worked | Real wage | Optimal price | Inflation | Price dispersion |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 1 | 0.0142 | -0.000624063 | -0.061 | 0.118 | -0.003594749 | -0.001311904 | -0.00065601 | 0 |
| 2 | 0.9 | 0.0112 | -9.84E-05 | -0.054 | 0.107 | -0.000567089 | -9.11E-05 | -4.56E-05 | 0 |
| 3 | 0.81 | 0.0098 | -1.01E-05 | -0.048 | 0.097 | -5.82E-05 | 0.000102673 | 5.13E-05 | 0 |
| 4 | 0.73 | 0.0088 | 4.20E-06 | -0.044 | 0.087 | 2.42E-05 | 0.000123694 | 6.18E-05 | 0 |
| 5 | 0.66 | 0.0079 | 6.03E-06 | -0.039 | 0.078 | 3.48E-05 | 0.000116627 | 5.83E-05 | 0 |
| 6 | 0.59 | 0.0071 | 5.81E-06 | -0.035 | 0.071 | 3.35E-05 | 0.000105862 | 5.29E-05 | 0 |
| 7 | 0.53 | 0.0064 | 5.30E-06 | -0.032 | 0.063 | 3.05E-05 | 9.54E-05 | 4.77E-05 | 0 |
| 8 | 0.48 | 0.0058 | 4.78E-06 | -0.029 | 0.057 | 2.75E-05 | 8.59E-05 | 4.29E-05 | 0 |
| 9 | 0.43 | 0.0052 | 4.30E-06 | -0.026 | 0.051 | 2.48E-05 | 7.73E-05 | 3.87E-05 | 0 |
| 10 | 0.39 | 0.0047 | 3.87E-06 | -0.023 | 0.046 | 2.23E-05 | 6.96E-05 | 3.48E-05 | 0 |
| 11 | 0.35 | 0.0042 | 3.48E-06 | -0.021 | 0.042 | 2.01E-05 | 6.26E-05 | 3.13E-05 | 0 |
| 12 | 0.31 | 0.0038 | 3.14E-06 | -0.019 | 0.037 | 1.81E-05 | 5.64E-05 | 2.82E-05 | 0 |
| 13 | 0.28 | 0.0034 | 2.82E-06 | -0.017 | 0.034 | 1.63E-05 | 5.07E-05 | 2.54E-05 | 0 |
| 14 | 0.25 | 0.0031 | 2.54E-06 | -0.015 | 0.03 | 1.46E-05 | 4.57E-05 | 2.28E-05 | 0 |
| 15 | 0.23 | 0.0028 | 2.29E-06 | -0.014 | 0.027 | 1.32E-05 | 4.11E-05 | 2.05E-05 | 0 |
| 16 | 0.21 | 0.0025 | 2.06E-06 | -0.012 | 0.025 | 1.19E-05 | 3.70E-05 | 1.85E-05 | 0 |
| 17 | 0.19 | 0.0022 | 1.85E-06 | -0.011 | 0.022 | 1.07E-05 | 3.33E-05 | 1.66E-05 | 0 |
| 18 | 0.17 | 0.002 | 1.67E-06 | -0.01 | 0.02 | 9.60E-06 | 3.00E-05 | 1.50E-05 | 0 |
| 19 | 0.15 | 0.0018 | 1.50E-06 | -0.009 | 0.018 | 8.64E-06 | 2.70E-05 | 1.35E-05 | 0 |
| 20 | 0.14 | 0.0016 | 1.35E-06 | -0.008 | 0.016 | 7.78E-06 | 2.43E-05 | 1.21E-05 | 0 |
Fig.2: Responses to a Technology and a Government Spending Shock (Technology)
| Quarters | Technology shock | Real interest rate | Output gap | Consumption | Hours worked | Real wage | Optimal price | Inflation | Price dispersion |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 1.00 | -0.073 | 0.0003979 | 0.71 | -0.41 | 1.00 | 0.00088 | 0.000441705203635401 | 0 |
| 2 | 0.95 | -0.068 | 6.61e-05 | 0.67 | -0.39 | 0.95 | 0.00011 | 5.2763219482443e-05 | 0 |
| 3 | 0.90 | -0.064 | 9.9e-06 | 0.64 | -0.37 | 0.90 | -2.4107420482089e-05 | -1.2040095942467e-05 | 0 |
| 4 | 0.86 | -0.061 | 5e-07 | 0.61 | -0.35 | 0.86 | -4.3969126672927e-05 | -2.1972191632802e-05 | 0 |
| 5 | 0.81 | -0.058 | -1.1e-06 | 0.58 | -0.34 | 0.81 | -4.5340558552098e-05 | -2.2658621390281e-05 | 0 |
| 6 | 0.77 | -0.055 | -1.3e-06 | 0.55 | -0.32 | 0.77 | -4.367845988229e-05 | -2.1828171081761e-05 | 0 |
| 7 | 0.74 | -0.052 | -1.3e-06 | 0.52 | -0.30 | 0.74 | -4.1597043831665e-05 | -2.0788018695317e-05 | 0 |
| 8 | 0.70 | -0.050 | -1.2e-06 | 0.49 | -0.29 | 0.70 | -3.9534561446786e-05 | -1.9757303071355e-05 | 0 |
| 9 | 0.66 | -0.047 | -1.1e-06 | 0.47 | -0.27 | 0.66 | -3.7560776378065e-05 | -1.8770909504529e-05 | 0 |
| 10 | 0.63 | -0.045 | -1.1e-06 | 0.45 | -0.26 | 0.63 | -3.5683235910522e-05 | -1.7832613186108e-05 | 0 |
| 11 | 0.60 | -0.043 | -1e-06 | 0.42 | -0.25 | 0.60 | -3.3899158136119e-05 | -1.6941024505446e-05 | 0 |
| 12 | 0.57 | -0.041 | -1e-06 | 0.40 | -0.23 | 0.57 | -3.2204214184262e-05 | -1.6093980270693e-05 | 0 |
| 13 | 0.54 | -0.039 | -9e-07 | 0.38 | -0.22 | 0.54 | -3.0594005662188e-05 | -1.5289282329078e-05 | 0 |
| 14 | 0.51 | -0.037 | -9e-07 | 0.36 | -0.21 | 0.51 | -2.9064305628879e-05 | -1.452481833697e-05 | 0 |
| 15 | 0.49 | -0.035 | -8e-07 | 0.34 | -0.20 | 0.49 | -2.7611090314128e-05 | -1.3798577436219e-05 | 0 |
| 16 | 0.46 | -0.033 | -8e-07 | 0.33 | -0.19 | 0.46 | -2.623053586559e-05 | -1.3108648655447e-05 | 0 |
| 17 | 0.44 | -0.031 | -8e-07 | 0.31 | -0.18 | 0.44 | -2.4919009078417e-05 | -1.2453216335917e-05 | 0 |
| 18 | 0.42 | -0.030 | -7e-07 | 0.30 | -0.17 | 0.42 | -2.3673058735518e-05 | -1.1830555646242e-05 | 0 |
| 19 | 0.40 | -0.028 | -7e-07 | 0.28 | -0.16 | 0.40 | -2.2489405371307e-05 | -1.1239027708498e-05 | 0 |
| 20 | 0.38 | -0.027 | -6e-07 | 0.27 | -0.16 | 0.38 | -2.1364931424017e-05 | -1.0677074524512e-05 | 0 |
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