G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7368
DP7368 Doux Commerces: Does Market Competition Cause Trust?
Tanguy van Ypersele; Patrick Francois
发表日期2009-07-12
出版年2009
语种英语
摘要We estimate impulse responses of sectoral price indexes to aggregate shocks and to sector-specific shocks. In the median sector, 100 percent of the long-run response of the sectoral price index to a sector-specific shock occurs in the month of the shock. The standard Calvo model and the standard sticky-information model can match this finding only under extreme assumptions concerning the profit-maximizing price. The rational-inattention model of Ma´ckowiak and Wiederholt (2009a) can match this finding without an extreme assumption concerning the profit-maximizing price. Furthermore, there is little variation across sectors in the speed of response of sectoral price indexes to sector-specific shocks. The rational-inattention model matches this finding, while the Calvo model predicts too much cross-sectional variation.
主题International Macroeconomics
关键词Bayesian dynamic factor model Calvo model Menu cost Rational inattention Sticky information
URLhttps://cepr.org/publications/dp7368
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/536205
推荐引用方式
GB/T 7714
Tanguy van Ypersele,Patrick Francois. DP7368 Doux Commerces: Does Market Competition Cause Trust?. 2009.
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