http://www.bis.org/cbhub/list/author/author_2083/index.rss Research hub papers by author Fang Yao en http://www.bundesbank.de/download/volkswirtschaft/dkp/2009/200908dkp.pdf Deutsche Bundesbank Discussion Papers by Fang Yao Time-dependent pricing and New Keynesian Phillips curve 2009-03-23T12:37:00Z Time-dependent pricing and New Keynesian Phillips curve 2009-03-23T12:37:00Z Full text http://www.bundesbank.de/download/volkswirtschaft/dkp/2009/200908dkp.pdf Fang Yao Fang Yao 2009-03-23 Deutsche Bundesbank Discussion Papers http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1016.pdf European Central Bank Working papers by Stephan Fahr, Fang Yao When does lumpy factor adjustment matter for aggregate dynamics? 2009-03-03T17:38:59Z (JEL: ) We analyze the dynamic e¤ects of lumpy factor adjustments at the firm level onto the aggregate economy. We find that distinguishing between capital and labour as lumpy factors within the production function result in very dfferent dynamics for aggregate output, investment and labour in an otherwise standard real business cycle model. Lumpy capital leaves the RBC mainly unchanged, while lumpy labour allows for persistence and an inner propagation within the model in form of hump-shaped impulse repsonses. In addition, when modeling lumpy adjustments on both investment and labour, the aggregate effects are even stronger. We investigate the mechanisms underlying these results and identify the elasticity of factor supply as the most important element in accounting for these differences. When does lumpy factor adjustment matter for aggregate dynamics? 2009-03-03T17:38:59Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1016.pdf Fang Yao Stephan Fahr Stephan Fahr, Fang Yao 2009-03-03 European Central Bank Working papers E22 E24 E32