| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20155 |
| 来源ID | Working Paper 20155 |
| Small and Large Price Changes and the Propagation of Monetary Shocks | |
| Fernando Alvarez; Hervé Le Bihan; Francesco Lippi | |
| 发表日期 | 2014-05-22 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We document the presence of both small and large price changes in individual price records from the CPI in France and the US. After correcting for measurement error and cross-section heterogeneity, the size-distribution of price changes has a positive excess kurtosis. We propose an analytical menu cost model that encompasses several classic models, as Taylor (1980), Calvo (1983), Reis (2006), Golosov and Lucas (2007) and accounts for observed cross-sectional patterns. We show that the ratio of kurtosis to the frequency of price changes is a sufficient statistics for the real effects of monetary policy in a large class of models. |
| 主题 | Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w20155 |
| 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/577829 |
| 推荐引用方式 GB/T 7714 | Fernando Alvarez,Hervé Le Bihan,Francesco Lippi. Small and Large Price Changes and the Propagation of Monetary Shocks. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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