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Some evidence on the importance of sticky prices

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M Bils… - 2002 - nber.org
We examine the frequency of price changes for 350 categories of goods and services
covering about 70% of consumer spending, based on unpublished data from the BLS for
1995 to 1997. Compared with previous studies we find much more frequent price changes ...
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Does schooling cause growth?

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M Bils… - American Economic Review, 2000 - JSTOR
A number of economists find that growth and schooling are highly correlated across
countries. A model is examined in which the ability to build on the human capital of one's
elders plays an important role in linking growth to schooling. The model is calibrated to ...
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The cyclical behavior of marginal cost and price

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M Bils - The American Economic Review, 1987 - JSTOR
This paper examines the cyclical behavior of price/marginal cost margins for US
manufacturing. Short-run marginal cost is markedly procyclical. In most industries, output
price fails to respond to the cyclical movement in marginal cost; so price/marginal cost ...
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Real wages over the business cycle: evidence from panel data

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MJ Bils - The Journal of Political Economy, 1985 - JSTOR
Page 1. Real Wages over the Business Cycle: Evidence from Panel Data Mark J. Bits
Massachusetts Institute of Technology The cyclical behavior of real wages has been the subject
of many studies. Unlike these past efforts, this article employs disaggregate data. ...
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What inventory behavior tells us about business cycles

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M Bils… - 1999 - nber.org
Manufacturers' finished goods inventories move less than shipments over the business
cycle. We argue that this requires marginal cost to be more procyclical than is conventionally
measured. We construct, for six manufacturing industries, alternative measures of ...
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Pricing in a customer market

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M Bils - The Quarterly Journal of Economics, 1989 - qje.oxfordjournals.org
Abstract In standard pricing models, movements in demand are partially offset by price
responses. In a customer market, however, price markups may decrease with high demand.
Thus, price may magnify, rather than stabilize, demand movements. I consider a ...
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Does schooling cause growth or the other way around?

M Bils… - 1998 - nber.org
Barro (1991) and others find that growth and schooling are highly correlated across
countries, with each additional year of 1960 enrollment associated with about. 6% per year
faster growth in per capita GDP from 1960 to 1990. In a model with finite-lived individuals ...
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Cyclical factor utilization

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M Bils… - Journal of Monetary Economics, 1994 - Elsevier
Abstract We introduce procyclical labor and capital utilization, as well as costs of rapidly
increasing employment, into a business-cycle model. Plausible variations in factor utilization
enable us to explain observed variability of real GNP with considerably smaller economy- ...
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Quantifying quality growth

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M Bils… - 2000 - nber.org
We introduce an instrumental variables approach to estimate the importance of unmeasured
quality growth for a set of 66 durable consumer goods. Our instrument is based on predicting
which of these 66 goods will display rapid quality growth. Using pooled cross-relatively ...
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The acceleration in variety growth

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M Bils… - The American Economic Review, 2001 - JSTOR
The expansion of variety in consumer and intermediate goods plays a central role in many
theoretical models of growth. Examples include Paul M. Romer (1990), Gene M. Grossman
and Elhanan Helpman (1991 Ch. 3), and Robert J. Barro and Xavier Sala-i-Martin (1995 ...
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Interindustry mobility and the cyclical upgrading of labor

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KJ McLaughlin… - Journal of Labor Economics, 2001 - JSTOR
Aggregate expansions are associated with upgrading in the labor market (Reder 1955;
Okun 1973). In expansions, workers tend to flow from low-wage industries, such as retail
trade, to high-wage industries, such as durable-goods manufacturing. Indeed, ...
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Using Consumer Theory to Test Competing Business Cycles Models

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M Bils… - Journal of Political Economy, 1998 - JSTOR
Consumer theory suggests that expenditures on luxuries and durables should be more
cyclical than expenditures on necessities and nondurables. Estimating luxuriouseness and
durability for 57 consumer goods, we confirm this prediction in US data. We exploit this ...
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[PDF] Sticky prices and monetary policy shocks

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M Bils, PJ Klenow… - Federal Reserve Bank of …, 2003 - minneapolisfed.org
Abstract Models with sticky prices predict that monetary policy changes will affect relative
prices and relative quantities in the short run because some prices are more flexible than
others. In US micro data, the degree of price stickiness differs dramatically across ...
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Understanding how price responds to costs and production

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M Bils… - Carnegie-Rochester Conference Series on Public …, 2000 - Elsevier
The importance of sticky prices in business-cycle fluctuations has been debated for many
years. But we argue, based on a large empirical literature from the 1950s and 60s, that it is
necessary to distinguish the response of price to an increase in factor prices from its ...
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Tariff protection and production in the early US cotton textile industry

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M Bils - The Journal of economic history, 1984 - Cambridge Univ Press
Abstract The importance of tariff protection in the US cotton textile industry is examined
quantitatively for the period around 1833. In sharp contradiction to past writings it is found
that the industry was almost entirely dependent on protection.
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Measuring the growth from better and better goods

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M Bils - 2004 - nber.org
Using micro CPI data, I show that much of inflation for durable goods since 1988 reflects, not
increases in price for a given set of products, but rather shifts to a newer set of product
models that display higher prices. I examine how these price differences should be ...
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Reset price inflation and the impact of monetary policy shocks

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M Bils, PJ Klenow… - 2009 - nber.org
A standard state-dependent pricing model generates little monetary non-neutrality. Two
ways of generating more meaningful real effects are time-dependent pricing and strategic
complementarities. These mechanisms have telltale implications for the persistence and ...
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Has Consumption Inequality Mirrored Income Inequality?

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MA Aguiar… - 2011 - nber.org
We revisit to what extent the increase in income inequality over the last 30 years has been
mirrored by consumption inequality. We do so by constructing two alternative measures of
consumption expenditure, using data from the Consumer Expenditure Survey (CE). We ...
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Comparative advantage in cyclical unemployment

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M Bils, Y Chang… - 2007 - nber.org
We introduce worker differences in labor supply, reflecting differences in skills and assets,
into a model of separations, matching, and unemployment over the business cycle.
Separating from employment when unemployment duration is long is particularly costly for ...
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Testing for contracting effects on employment

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M Bils - The Quarterly Journal of Economics, 1991 - qje.oxfordjournals.org
Abstract I test for the importance of wage rigidities from long-term contracts by observing
how employment responds when firms and workers recontract. If rigidities are important,
then employment should adjust after recontracting to partially undo its movements during ...
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[CITATION] Indexation and contract length in unionized US manufacturing

MJ Bils - Proceedings, 1989 - econpapers.repec.org
By Mark Joseph Bils; Indexation and contract length in unionized US manufacturing.
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Cyclical pricing of durable goods

M Bils - 1989 - nber.org
ABSTRACT I examine price markups in monopolisticly-competitive markets that experience
fluctuations in demand because the economy experiences cyclical fluctuations in
productivity. Markups depend positively on the average income of purchasers in the ...
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Do Higher Prices for New Goods Reflect Quality Growth or Inflation?

[PDF] from oxfordjournals.org
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M Bils - The Quarterly Journal of Economics, 2009 - qje.oxfordjournals.org
Abstract Much of Consumer Price Index (CPI) inflation for consumer durables reflects shifts
to newer product models that display higher prices, not price increases for a given set of
goods. I examine how these higher prices for new models should be divided between ...
Cited by 14 - Related articles - All 12 versions

Testing for contracting effects on employment

M Bils - 1989 - nber.org
ABSTRACT I test the importance of wage rigidities from long—term contracts by observing
how employment behaves when firms and workers recontract. If rigidities are important then
we should observe employment adjusting after recontracting to undo movements in ...
Cited by 14 - Related articles - All 7 versions

Inter-industry mobility and the cyclical upgrading of labor

M Bils… - 1992 - nber.org
We investigate whether a market-clearing model of the labor market is consistent with the
cyclical upgrading of labor: workers tend to move to higher paying industries in expansions
and to lower paying industries in contractions. By applying Roy's (1951) model of self- ...
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Comparative advantage and unemployment

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M Bils, Y Chang… - Journal of Monetary Economics, 2012 - Elsevier
Abstract Worker heterogeneity in productivity and labor supply is introduced into a matching
model. Workers who earn high wages and work high-hours are identified as those with
strong market comparative advantage—high rents from being employed. The model is ...
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Welfare costs of sticky wages when effort can respond

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M Bils… - Journal of Monetary Economics, 2003 - Elsevier
We examine the impact of wage stickiness when employment has an effort as well as hours
dimension. Despite wages being predetermined, the labor market clears through the effort
margin. Consequently, welfare costs of wage stickiness are potentially much, much ...
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[PDF] Cyclical Pricing of Durable Luxuries

[PDF] from rochester.edu
M Bils - Rochester Center for Economic Research Working …, 1987 - rcer.econ.rochester.edu
Abstract I examine price markups in monopolisticly-competitive markets that experience
cyclical fluctuations in demand because the economy experiences fluctuations in
productivity. Markups depend positively on the average income of purchasers in the ...
Cited by 12 - Related articles

Wages and the Allocation of Hours and Effort

[PDF] from psu.edu
M Bils… - 1999 - nber.org
We examine the impact of wage stickiness when employment has an effort as well as hours
dimension. Despite wages being predetermined, the labor market clears through the effort
margin. We compare this model quantitatively to models with flexible and sticky wages, ...
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[PDF] Studying Price Markups from Stockout Behavior

[PDF] from rochester.edu
M Bils - unpublished paper, University of Rochester (December …, 2004 - econ.rochester.edu
‡ This work was conducted while I was visiting the Bureau of Labor Statistics (BLS) under
the IPA (Intergovernmental Personnel Act) agreement. A number of persons at the BLS have
been extremely helpful. I want to particularly thank David Johnson, Teague Ruder, Paul ...
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Worker Heterogeneity and Endogenous Separations in a Matching Model of Unemployment Fluctuations

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M Bils, Y Chang… - American Economic Journal: …, 2011 - ingentaconnect.com
Abstract: We model worker heterogeneity in the rents from being employed in a Diamond-
Mortensen-Pissarides model of matching and unemployment. We show that heterogeneity,
reflecting differences in match quality and worker assets, reduces the extent of fluctuations ...
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Heterogeneity and Cyclical Unemployment

[PDF] from akes.or.kr
M Bils, Y Chang… - 2009 - nber.org
We model worker heterogeneity in the rents from being employed in a Diamond-Mortensen-
Pissarides model of matching and unemployment. We show that heterogeneity, reflecting
differences in match quality and worker assets, reduces the extent of fluctuations in ...
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Why are the wages of job stayers procyclical?

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D Shin, K Shin, JG Altonji… - Macroeconomic …, 2008 - Cambridge Univ Press
Page 1. Macroeconomic Dynamics, 12, 2008, 1–21. Printed in the United States of America. DOI:
10.1017/S1365100507060300 ARTICLES WHY ARE THE WAGES OF JOB STAYERS
PROCYCLICAL? DONGGYUN SHIN Hanyang University KWANHO SHIN Korea University ...
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[PDF] Wage and Employment patterns in long-term contracts when labor is quasi-fixed

[PDF] from nber.org
M Bils - 1990 - nber.org
Wage rigidities have played a central role in non-market-clearing explanations for sizable
business cycles. 1 The reason for this is presumably empirical. Many persons have their
wage rates adjusted only once each year; and in collective agreements, which are ...
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[CITATION] Explaining differences in schooling across countries

M Bils… - Unpublished Paper, 2000
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[CITATION] Uncovering curvature-Tests of competing business cycle models

M Bils… - Rochester manuscript, 1995
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[CITATION] Essays on the Cyclical Behavior of Price and Marginal Cost

M Bils - unpublished doctoral dissertation, MIT, 1985
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[CITATION] Measuring returns to scale from shift practices in manufacturing

M Bils - manuscript, University of Rochester, 1992
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[CITATION] The Cyclical Behavior of Inventories and Time-to-build in the New Housing Market

M Bils… - 1994 - Working paper, University of …
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[CITATION] Measuring Quality Change and Externalities

M Bils… - Handbook of Economic Growth,(North-Holland: …, 2004
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[CITATION] Sun $ Bin Kim, 2007, mComparative Advantage and Cycli $ cal Unemployment

M Bils… - NBER Working Paper
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[PDF] Quantifying quality growth

[PDF] from klenow.com
M Bils… - QUALITY CONTROL AND APPLIED STATISTICS, 2002 - klenow.com
Using US Consumer Expenditure Surveys, we estimate “quality Engel curves” for 66 durable
goods based on the extent richer households pay more for each good. The same data show
that the average price paid rises faster from 1980 to 1996 for goods with steeper quality ...
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[CITATION] Yongsung Chang 'Understanding how price responds to costs and production.'

M Bils - Carnegie-Rochester Conference Series on Public …
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[CITATION] nQuantifying Quality Growth, o American Economic Review

M Bils… - 2001 - Vol
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[CITATION] Does Schooling Cause Growth or the Other Way Around?," 1996

M Bils… - University of Chicago GSB mimeo
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[CITATION] Understanding the Response of Prices to Cost and Demand Factors

Full text - MIT Libraries
M Bils… - Carnegie-Rochester Series on Public Policy, 2000
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[CITATION] Using Consumer Theory to Test Competing

M Bils… - 1998
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[CITATION] Further Discussion of Temporary Payroll Tax Cuts During Recession (s)

M Bils… - Photocopy, http://klenow. com/Discussion …, 2008
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[CITATION] Deducing markup cyclicality from stockout behavior

M Bils - Unpublished paper, University of Rochester, 2005
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[CITATION] Has Consumption Inequality Mirrored Income Inequality

M Bils - 2009 - Technical
Cited by 2 - Related articles

[CITATION] Wages and the Allocation of Hours and E ort

M Bils… - 1998 - mimeo, University of Rochester
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[CITATION] Essays on the cyclical behavior of cost and price

MJ Bils - 1985 - Massachusetts Institute of …
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Selling versus producing in market fluctuations

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M Bils - Carnegie-Rochester Conference Series on Public …, 1990 - Elsevier
Abstract I consider markets in which sellers must expend resources to sell their good as well
as for producing it. My particular concern is how the share of labor allocated to selling
behaves in market fluctuations, and what behavior this implies for pricing and productivity.
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[CITATION] Are data on industry evolution and gross job turnover relevant for macroeconomics: a comment

Full text - MIT Libraries
M Bils - Carnegie Rochester Conference on Public Policy: …, 1996
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[CITATION] O. Kryvtsov (2003):“Sticky Prices and Monetary Shocks”

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M Bils… - Federal Reserve Bank of Minneapolis Quarterly …
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[CITATION] NORTH-HOLLAND

RG KING, CI PLOSSER, HI GROSSMAN, A ABEL… - Journal of Monetary …, 1991
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[PDF] labor costs and, 450–451 natural rate hypothesis and, 84 output gap and, 451–453 rational expectations and, 282, 453–454

[PDF] from cenet.org.cn
LJ Álvarez, A Ang, G Ascari, A Atkeson… - … Inflation and the … - down.cenet.org.cn
Mac′ kowiak, Bartosz behavioral analysis and, 261 historical perspective on Phillips curve
and, 25, 48–51, 55 King comments on, 333–348 microeconomic price data implications and,
291–332 Midrigan comments on, 351–357 Mankiw, N. Gregory, xiii, 207, 384 historical ...
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Cyclical Movements in Hours and Effort under Sticky Wages

Y Chang… - Macroeconomics, 2002 - ideas.repec.org
We examine the response of a sticky-wage economy to various real and nominal shocks. In
addition to variations in hours, we allow for an endogenous response in worker effort per
hour. Despite wages being predetermined, the labor market clears through the effort ...
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[CITATION] Department of Economics Telephone

M Bils - 1981 - Ohio State University

[CITATION] Burgess, Robin Camerer, Colin F. Campante, Filipe Campbell, John Y. Carroll, Christopher

H David, CN Avery, L Babcock, D Backus, G Baker… - MIT Press

[CITATION] L Araujo Social norms and money 241 S. Ambler, E. Cardia and C. Zimmermann International business cycles: What are the facts? 257 M. Alexopoulos

RG KING, CI PLOSSER, DK BACKUS, M BAXTER… - journal of monetary …, 2004
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[How Large Are Human-Capital Externalities? Evidence from Compulsory Schooling Laws]: Comment

Full text - MIT Libraries
M Bils - NBER Macroeconomics Annual, 2000 - JSTOR
Daron Acemoglu and Joshua Angrist attack the important and difficult problem of measuring
external returns from an individual's schooling investment. As the authors discuss, much of
the work that stresses human capital in growth relies on such externalities, as private ...
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[CITATION] Inter-Industrial Mobility and the Cyclical Upgrading of labor

MJ Bils… - RCER Working Papers, 1993 - econpapers.repec.org
By Mark Joseph Bils and KJ Mclaughlin; Inter-Industrial
Mobility and the Cyclical Upgrading of labor.
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[CITATION] Brecher. Richard, 110 Bresnahan, T., 57 Brynjolfsson, E., 57. 330, 335nl3, 335nl4, 342,346 Burnside. Craig, 184

P Apps, A Orley… - Growth and productivity in …, 2004 - University Of Chicago Press

[PDF] COUNTERCYCLICAL TECHNOLOGY SHOCKS

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M Bils - bostonfed.org
* Associate Professor of Economics, University of Rochester. procyclical productivity. Basu
allows for procyclical capital utilization and procyclical labor effort. Most writers, including
Jorgenson and Griliches (1967) and Shapiro (1993), have focused on capital utilization. ...
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[Equilibrium Interpretations of Employment and Real Wage Fluctuations]: Comments

Full text - MIT Libraries
M Bils - NBER Macroeconomics Annual, 1988 - JSTOR
Comments-207 possible even if the wage rate is not close to the market clearing value. Their
results support Hall's (1980) contention that long-term attachments between firms and
workers may provide a setting for achieving efficient labor choices despite rigidly set ...
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[PDF] Testing for Keynesian Labor Demand

[PDF] from klenow.com
M Bils, PJ Klenow… - 2012 - klenow.com
Abstract According to the textbook sticky-price model, short-run demand for labor is driven
by demand for goods. In this view, sellers deviate from setting the marginal product of labor
equal to the real wage, if necessary, to satisfy the demand for goods. We test this ...
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[CITATION] Material for" Studying Price Markups from Stockout Behavior

M Bils - 2004
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Guest Editors' Preface to the Special Issue on Price and Wage Dynamics

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M Bils, N Gottfries, S Holden… - The Scandinavian …, 2010 - Wiley Online Library
... Guest Editors' Preface to the Special Issue on Price and Wage Dynamics. Mark Bils,; Nils
Gottfries,; Steinar Holden,; Richard Friberg,; Matti Liski,; Ragnar Torvik. Article first published
online: 15 NOV 2010. DOI: 10.1111/j.1467-9442.2010.01630.x. ...
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[PDF] " Deducing Price Markups from Stockout Behavior

[PDF] from stidue.net
M Bils - 2005 - unina.stidue.net
‡ This work was conducted while I was visiting the Bureau of Labor Statistics (BLS) under
the IPA (Intergovernmental Personnel Act) agreement. A number of persons at the BLS have
been extremely helpful. I want to particularly thank David Johnson, Teague Ruder, Paul ...
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