The Cross-Sectional Distribution of Price Stickiness Implied by Aggregate Data

• 成果类型: Article
• 署名作者: Carvalho, Carlos; Dam, Niels Arne; Lee, Jae Won
• 署名单位: Pontificia Universidade Catolica do Rio de Janeiro; University of Virginia
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_00811
• 发表日期: 2020-03
• 页码: 162-179
• 关键词: monetary nonneutrality; real rigidities; POLICY; sales

摘要

We provide evidence on three mechanisms that can reconcile frequent individual price changes with sluggish aggregate price dynamics. To that end, we estimate a semistructural model that can extract information about real rigidities and the distribution of price stickiness from aggregate data. Hence, the model can also speak to the debate about the aggregate implications of sales. Our estimates indicate large real rigidities and substantial heterogeneity in price stickiness. Moreover, the cross-sectional distribution of price stickiness implied by aggregate data is in line with an empirical distribution obtained from microprice data that factors out sales and product substitutions.