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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP7368 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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