| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14787 |
| 来源ID | Working Paper 14787 |
| Reset Price Inflation and the Impact of Monetary Policy Shocks | |
| Mark Bils; Peter J. Klenow; Benjamin A. Malin | |
| 发表日期 | 2009-03-12 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | A standard state-dependent pricing model generates little monetary non-neutrality. Two ways of generating more meaningful real effects are time-dependent pricing and strategic complementarities. These mechanisms have telltale implications for the persistence and volatility of "reset price inflation." Reset price inflation is the rate of change of all desired prices (including for goods that have not changed price in the current period). Using the micro data underpinning the CPI, we construct an empirical measure of reset price inflation. We find that time-dependent models imply unrealistically high persistence and stability of reset price inflation. This discrepancy is exacerbated by adding strategic complementarities, even under state-dependent pricing. A state-dependent model with no strategic complementarities aligns most closely with the data. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w14787 |
| 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/572463 |
| 推荐引用方式 GB/T 7714 | Mark Bils,Peter J. Klenow,Benjamin A. Malin. Reset Price Inflation and the Impact of Monetary Policy Shocks. 2009. |
| 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 | ||
| w14787.pdf（423KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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