Distributional dynamics under smoothly state-dependent pricing
成果类型：
Article
署名作者：
Costain, James; Nakov, Anton
署名单位：
Banco de Espana; Federal Reserve System - USA; Federal Reserve System Board of Governors
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.11.006
发表日期：
2011
页码：
646-665
关键词：
摘要：
Starting from the assumption that firms are more likely to adjust their prices when doing so is more valuable, this paper analyzes monetary policy shocks in a DSGE model with firm-level heterogeneity. The model is calibrated to retail price microdata, and inflation responses are decomposed into intensive, extensive, and selection margins. Money growth and Taylor rule shocks both have nontrivial real effects, because the low state dependence implied by the data rules out the strong selection effect associated with fixed menu costs. The response to sector-specific shocks is gradual, but inappropriate econometrics might make it appear immediate. (C) 2011 Elsevier B.V. All rights reserved.
来源URL：