| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20817 |
| 来源ID | Working Paper 20817 |
| Monetary Shocks in Models with Inattentive Producers | |
| Fernando Alvarez; Francesco Lippi; Luigi Paciello | |
| 发表日期 | 2015-01-05 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We study models where prices respond slowly to shocks because firms are rationally inattentive. Producers must pay a cost to observe the determinants of the current profit maximizing price, and hence observe them infrequently. To generate large real effects of monetary shocks in such a model the time between observations must be long and/or highly volatile. Previous work on rational inattentiveness has allowed for observation intervals which are either constant-but-long (e.g. Caballero (1989) or Reis (2006)) or volatile-but-short (e.g. Reis’s (2006) example where observation costs are negligible), but not both. In these models, the real effects of monetary policy are small for realistic values of the average time between observations. We show that non- negligible observation costs produce both these effects: intervals between observations are both infrequent and volatile. This generates large real effects of monetary policy for realistic values of the average time between observations. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Monetary Policy |
| URL | https://www.nber.org/papers/w20817 |
| 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/578490 |
| 推荐引用方式 GB/T 7714 | Fernando Alvarez,Francesco Lippi,Luigi Paciello. Monetary Shocks in Models with Inattentive Producers. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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。
