Persistent Monetary Non-neutrality in an Estimated Menu Cost Model with Partially Costly Informations

• 成果类型: Article
• 署名作者: Bonomo, Marco; Carvalho, Carlos; Garcia, Rene; Malta, Vivian; Rigato, Rodolfo
• 署名单位: Insper; Universite de Montreal; Harvard University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20190241
• 发表日期: 2023
• 页码: 466-505
• 关键词: sticky-information; dependent rules; prices; shocks; adjustment; rigidities; US

摘要

We propose a model that reconciles microeconomic evidence of fre-quent and large price changes with sizable monetary non-neutrality. Firms incur separate lump-sum costs to change prices and to gather and process some information about marginal costs. Additional rel-evant information is continuously available and can be factored into pricing decisions at no cost. We estimate the model by Simulated Method of Moments, using price-setting statistics for the US econ-omy. The model with free idiosyncratic and costly aggregate informa-tion fits well both targeted and untargeted microeconomic moments and generates almost three times as much monetary non-neutrality as the Calvo model. (JEL D21, D83, E23, E31, L11)