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Virgiliu Midrigan

About Virgiliu Midrigan

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Bank of Canada publications

  1. Inventories, Markups and Real Rigidities in Sticky Price Models of the Canadian Economy

    Working Paper 2011-9 - Oleksiy Kryvtsov, Virgiliu Midrigan

    Recent New Keynesian models of macroeconomy view nominal cost rigidities, rather than nominal price rigidities, as the key feature that accounts for the observed persistence in output and inflation. Kryvtsov and Midrigan (2010a,b) reassess these conclusions by combining a theory based on nominal rigidities and storable goods with direct evidence on inventories for the U.S.

    Topic: Business fluctuations and cycles; Transmission of monetary policy

  2. Inventories and Real Rigidities in New Keynesian Business Cycle Models

    Working Paper 2009-9 - Oleksiy Kryvtsov, Virgiliu Midrigan

    Kryvtsov and Midrigan (2008) study the behavior of inventories in an economy with menu costs, fixed ordering costs and the possibility of stock-outs. This paper extends their analysis to a richer setting that is capable of more closely accounting for the dynamics of the US business cycle. We find that the original conclusion survives in [...]

    Topic: Business fluctuations and cycles; Transmission of monetary policy

  3. Inventories, Markups, and Real Rigidities in Menu Cost Models

    Working Paper 2009-6 - Oleksiy Kryvtsov, Virgiliu Midrigan

    Real rigidities that limit the responsiveness of real marginal cost to output are a key ingredient of sticky price models necessary to account for the dynamics of output and inflation. We argue here, in the spirit of Bils and Kahn (2000), that the behavior of marginal cost over the cycle is directly related to that [...]

    Topic: Business fluctuations and cycles; Transmission of monetary policy
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