| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11790 |
| DP11790 Menu costs, the price gap distribution and monetary non-neutrality: The role of financial constraints | |
| Almut Balleer; Nikolay Hristov; Dominik Menno | |
| 发表日期 | 2020-08-07 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study how credit constraints and the frequency of price adjustment interact. We show that a working capital constraint increases the kurtosis of the price change distribution and generates small and large price changes to co-exist in a menu cost model. Our model is consistent with firm- level evidence for Germany that relates financial constraints to the frequency and direction of price changes. Financial frictions change the propagation of aggregate nominal shocks: The frequency of price adjustments fluctuates and the average price-adjustment size falls weakening the selection effect. Monetary non-neutrality only increases when the overall level of price adjustment falls. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Frequency of price adjustment Financial frictions Menu cost model |
| URL | https://cepr.org/publications/dp11790-0 |
| 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/544105 |
| 推荐引用方式 GB/T 7714 | Almut Balleer,Nikolay Hristov,Dominik Menno. DP11790 Menu costs, the price gap distribution and monetary non-neutrality: The role of financial constraints. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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