| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22490 |
| 来源ID | Working Paper 22490 |
| Paralyzed by Fear: Rigid and Discrete Pricing under Demand Uncertainty | |
| Cosmin L. Ilut; Rosen Valchev; Nicolas Vincent | |
| 发表日期 | 2016-08-08 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We propose a new theory of price rigidity based on firms’ Knightian uncertainty about their competitive environment. This uncertainty has two key implications. First, firms learn about the shape of their demand function from past observations of quantities sold. This learning gives rise to kinks in the expected profit function at previously observed prices, making those prices both sticky and more likely to reoccur. Second, uncertainty about the relationship between aggregate and industry-level inflation generates nominal rigidity. We prove the main insights analytically and quantify the effects of our mechanism. Our estimated quantitative model is consistent with a wide range of micro-level pricing facts that are typically challenging to match jointly. It also implies significantly more persistent monetary non-neutrality than in standard models, allowing it to generate large real effects from nominal shocks. |
| 主题 | Econometrics ; Estimation Methods ; Microeconomics ; Economics of Information ; Macroeconomics ; Business Cycles ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w22490 |
| 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/580164 |
| 推荐引用方式 GB/T 7714 | Cosmin L. Ilut,Rosen Valchev,Nicolas Vincent. Paralyzed by Fear: Rigid and Discrete Pricing under Demand Uncertainty. 2016. |
| 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 | ||
| w22490.pdf（610KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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