| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10138 |
| DP10138 Menu Costs, Aggregate Fluctuations, and Large Shocks | |
| Peter Karadi | |
| 发表日期 | 2014-09-14 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | How do frictions in price setting influence monetary non-neutrality? We revisit this classic question in a quantitative menu cost model with multi-product firms that face idiosyncratic shocks with unsynchronized stochastic volatility. The model matches the unconditional distribution of price changes and successfully predicts new evidence on pricing responses to large value-added tax shocks. In particular, it captures both the exploding fraction of price changes and the shape of their conditional distribution, outperforming alternative models. The model generates near money neutrality even to small nominal shocks. |
| 主题 | International Macroeconomics |
| 关键词 | Monetary policy transmission Price change distribution State-dependent pricing Value-added tax |
| URL | https://cepr.org/publications/dp10138 |
| 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/538971 |
| 推荐引用方式 GB/T 7714 | Peter Karadi. DP10138 Menu Costs, Aggregate Fluctuations, and Large Shocks. 2014. |
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