Sectoral Heterogeneity in Nominal Price Rigidity and the Origin of Aggregate Fluctuations

• 成果类型: Article
• 署名作者: Pasten, Ernesto; Schoenle, Raphael; Weber, Michael
• 署名单位: Central Bank of Chile; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Brandeis University; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20210460
• 发表日期: 2024
• 页码: 318-352
• 关键词: monetary nonneutrality; production networks; shocks

摘要

We study the role of heterogeneity in nominal price rigidity for aggregate fluctuations in a model with sectoral productivity shocks. Theoretically , sectoral heterogeneity in the pricing friction has an ambiguous effect on GDP and aggregate price volatility. Quantitatively , ( i ) GDP volatility is amplified when the friction is heterogeneous rather than homogeneous; ( ii ) sectoral shocks can jointly rationalize the volatility of sectoral prices , aggregate prices , and GDP , unlike aggregate shocks; and ( iii ) shocks to the largest or most central sectors may not matter in the aggregate as heterogeneous pricing frictions may alter the identity of the most important sectors for aggregate fluctuations. ( JEL E12, E23, E31, E32)