Fang Yao
Fang Yao
Institute for Economic Theory II
School of Business and Economics
Humboldt University of Berlin
Spandauerstraße 1
D-10099 Berlin
Germany
E-mail: yaofang@rz.hu-berlin.de
Tel.: +49-30-2093-5667
Fax.: +49-30-2093-5696
Resume: PDF version of CV
Teaching
| WS 2009/10 |
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| WS 2008/09 |
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| WS 2007/08 |
Research Interests
Macroeconomics, Monetary economics, Bayesian econometrics.
Publications and Working Papers
Research Page in RePEc
Job Market Papers:
1). "Time-dependent Pricing und New Keynesian Phillips Curve", Deutsche Bundesbank Discussion Paper Series, Mar 2009.
Latest Revision: Feb 2010 PDF
This paper demonstrates that tractability gained from the Calvo pricing assumption is costly in terms of aggregate dynamics. I derive a generalized New Keynesian Phillips curve featuring a generalized hazard function, non-zero steady state inflation and real rigidity. I find that the richer dynamic structure introduced by the non-constant hazards is also quantitatively important for inflation dynamics and monetary policy.
2). " Estimating
the Hazard Function in Price-Setting: A Bayesian Analysis Using
Aggregate Data",
SFB 649 Discussion Paper Series, Okt 2009.
Latest Revision: Jan 2010 PDF
This paper applies the Bayesian approach to solve and estimate a New Keynesian DSGE model augmented by a generalized Phillips curve, with which the shape of the hazard function can be identified using aggregate data. I find that the price decisions are characterized by both time- and state-dependent mechanisms.
Other Working Papers:
"When does Lumpy Factor Adjustment matter for Aggregate Dynamics?", European Central Bank, Working Paper Series, Mar 2009.
"Lumpy Labor Adjustment as a Propagation Mechanism of Business Cycles", Collaborative Research Centre '649' Discussion Paper, Feb 2008.
Work in Progress
"Estimating Real and Nominal Rigidities: A Bayesian Analysis Using Sectoral Data" (joint with Michael C. Burda)
