期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2006
出版社：European Central Bank
摘要：This paper shows how any steady state distribution of ages and related hazard rates can be represented as a distribution across rms of completed contract lengths. The distribution is consistent with a Generalised Taylor Economy or a Generalised Calvo model with duration dependent reset probabilities. Equivalent distributions have di¤erent degrees of forward lookingness and imply di¤erent behaviour in response to monetary shocks. We also interpret data on the pro- portions of rms changing price in a period, and the resultant range of average contract lengths.
