Real Rigidities and Nominal Price Changes

被引：47
|
作者：
Klenow, Peter J. [1 ,2 ]
Willis, Jonathan L. [3 ]
机构：
[1] Stanford Univ, Dept Econ, SIEPR, Stanford, CA 94305 USA
[2] NBER, Cambridge, MA 02138 USA
[3] Fed Reserve Bank, Kansas City, KS USA
来源：
ECONOMICA | 2016年 / 83卷 / 331期
关键词：
MENU COSTS; BUSINESS-CYCLE; SCANNER DATA; MODELS; ADJUSTMENT; FREQUENCY; DYNAMICS; OUTPUT; CURVE; MONEY;
D O I：
10.1111/ecca.12191
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Real rigidities can help to generate persistent effects of monetary policy shocks. We analyse an industry equilibrium model with two types of real rigidities: a 'micro' real rigidity from a kinked demand curve, and a 'macro' real rigidity due to sticky intermediate prices. We estimate key model parameters using micro data from the US CPI, which features big movements in relative prices within and across sectors. The micro real rigidity necessitates large idiosyncratic shocks to productivity. The macro real rigidity does not entail such large idiosyncratic shocks, and is consistent with the volatility of sectoral TFP growth.
引用
收藏
页码：443 / 472
页数：30
相关论文
共 50 条
12345