| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13027 |
| DP13027 Time-varying Price Flexibility and Inflation Dynamics | |
| Ivan Petrella; Emiliano Santoro; Lasse de la Porte Simonsen | |
| 发表日期 | 2018-07-01 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study how and to what extent inflation dynamics is shaped by time variation in the capacity of nominal demand to stimulate price adjustment. Using microdata underlying the UK consumer price index, we estimate a generalized Ss model of lumpy price adjustment, and condense large cross-sectional information on micro price changes into a measure of price flexibility. The latter displays sizable time variation, which maps into a marked non-linearity of inflation dynamics: the half-life of the rate of inflation is twice as large in periods of relatively low flexibility, along with appearing remarkably close to the one observed in a linear setting. Changes in firms' price-adjustment cost structure, as reflected in the adjustment hazard, are key to account for state dependence in price setting. Neglecting these facts may severely bias our understanding of inflation dynamics. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | inflation Price flexibility Ss models |
| URL | https://cepr.org/publications/dp13027-0 |
| 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/541834 |
| 推荐引用方式 GB/T 7714 | Ivan Petrella,Emiliano Santoro,Lasse de la Porte Simonsen. DP13027 Time-varying Price Flexibility and Inflation Dynamics. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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