| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9488 |
| DP9488 Monetary Shocks with Observation and Menu Costs | |
| Fernando Alvarez; Francesco Lippi; Luigi Paciello | |
| 发表日期 | 2013-05-26 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We compute the impulse response of output to an aggregate monetary shock in a general equilibrium when firms set prices subject to a costly observation of the state and a menu cost. We study how the aggregate effects of a monetary shock depend on the relative size of these costs. We find that empirically reasonable observations costs increase the impact and the persistence of the output response to monetary shocks compared to models with menu cost only, flattening the shape of the impulse response function. Moreover we show that if the shocks are not large the results are independent of the assumption of whether firms know the realization of the monetary shock on impact. |
| 主题 | International Macroeconomics |
| 关键词 | Impulse responses Inattentiveness Monetary shocks Sticky prices |
| URL | https://cepr.org/publications/dp9488 |
| 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/538324 |
| 推荐引用方式 GB/T 7714 | Fernando Alvarez,Francesco Lippi,Luigi Paciello. DP9488 Monetary Shocks with Observation and Menu Costs. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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