| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15003 |
| 来源ID | Working Paper 15003 |
| Incomplete Information, Higher-Order Beliefs and Price Inertia | |
| George-Marios Angeletos; Jennifer La'; O | |
| 发表日期 | 2009-05-28 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | This paper investigates who incomplete information impacts the response of prices to nominal shocks. Our baseline model is a variant of the Calvo model in which firms observe the underlying nominal shocks with noise. In this model, the response of prices is pinned down by three parameters: the precision of available information about the nominal shock; the frequency of price adjustment; and the degree of strategic complementarity in pricing decisions. This result synthesizes the broader lessons of the pertinent literature. We next highlight that his synthesis provides only a partial view of the role or incomplete information. In general, the precision of information does not pin down the response of higher-order beliefs. Therefore, once cannot quantify the degree of price inertia without additional information about the dynamics of higher-order beliefs, or the agents' forecasts of inflation. We highlight the distinct role of higher-order beliefs with three extensions of our baseline model, all of which break the tight connection between the precision of information and higher-order beliefs featured in previous work. |
| 主题 | Microeconomics ; Economics of Information ; Macroeconomics ; Macroeconomic Models ; Business Cycles |
| URL | https://www.nber.org/papers/w15003 |
| 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/572679 |
| 推荐引用方式 GB/T 7714 | George-Marios Angeletos,Jennifer La',O. Incomplete Information, Higher-Order Beliefs and Price Inertia. 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 | ||
| w15003.pdf（465KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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