Price elasticities and demand-side real rigidities in micro data and in macro models

• 成果类型: Article
• 署名作者: Beck, Guenter W.; Lein, Sarah M.
• 署名单位: Universitat Siegen; University of Basel
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2019.06.003
• 发表日期: 2020
• 页码: 200-212
• 关键词: Demand curve; Price elasticity; Super-elasticity; real rigidities; Monetary non-neutrality

摘要

High degrees of demand-side real rigidities are able to generate the large monetary non-neutrality found in aggregate data. This paper provides micro-based evidence on the key parameters governing this rigidity using European homescan data. We find strong evidence for demand-side real rigidity, which is, however, significantly lower than that normally assumed in macro models. In a menu-cost model calibrated to our estimates, we show that these estimates are associated with reasonable values for production-side parameters, but they are not able to generate the degree of monetary non-neutrality observed in macro data. (c) 2019 Elsevier B.V. All rights reserved.