| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12961 |
| 来源ID | Working Paper 12961 |
| Incomplete Cost Pass-Through Under Deep Habits | |
| Morten Ravn; Stephanie Schmitt-Grohe; Martin Uribe | |
| 发表日期 | 2007-03-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | A number of empirical studies document that marginal cost shocks are not fully passed through to prices at the firm level and that prices are substantially less volatile than costs. We show that in the relative-deep-habits model of Ravn, Schmitt-Grohe, and Uribe (2006), firm-specific marginal cost shocks are not fully passed through to product prices. That is, in response to a firm-specific increase in marginal costs, prices rise, but by less than marginal costs leading to a decline in the firm-specific markup of prices over marginal costs. Pass-through is predicted to be even lower when shocks to marginal costs are anticipated by firms. In our model, unanticipated firm-specific cost shocks lead to incomplete pass-through (or a decline in markups) of about 20 percent and anticipated cost shocks are associated with incomplete pass-through of about 50 percent. The model predicts that cost pass-through is increasing in the persistence of marginal cost shocks and U-shaped in the strength of habits. The relative-deep-habits model implies that conditional on marginal cost disturbances, prices are less volatile than marginal costs. |
| 主题 | Microeconomics ; Households and Firms ; Market Structure and Distribution ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w12961 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570627 |
| 推荐引用方式 GB/T 7714 | Morten Ravn,Stephanie Schmitt-Grohe,Martin Uribe. Incomplete Cost Pass-Through Under Deep Habits. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12961.pdf（128KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
