| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9228 |
| DP9228 Monetary Shocks in a Model with Inattentive Producers | |
| Fernando Alvarez; Francesco Lippi; Luigi Paciello | |
| 发表日期 | 2012-11-25 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We study a model in which prices respond slowly to shocks because firms must pay a fixed cost to observe the determinants of the profit maximizing price, as pioneered by Caballero (1989) and Reis (2006). We extend their analysis to the case of random tran- sitory variation in the firm?s observation cost and characterize the mapping from the distribution of observation cost to the distribution of the times between consecutive re- views/price adjustments of a firm. We aggregate a continuum of firms and characterize analytically the cross-sectional distribution of the duration of reviews/prices. We establish the dependence of the real effect of a monetary shock on the distribution of price durations and hence on the distribution of observation costs and discuss applications. |
| 主题 | International Macroeconomics |
| 关键词 | Impulse responses. Inattentiveness Monetary shocks Observation costs |
| URL | https://cepr.org/publications/dp9228 |
| 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/538062 |
| 推荐引用方式 GB/T 7714 | Fernando Alvarez,Francesco Lippi,Luigi Paciello. DP9228 Monetary Shocks in a Model with Inattentive Producers. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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