| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23750 |
| 来源ID | Working Paper 23750 |
| Price Rigidity and the Origins of Aggregate Fluctuations | |
| Ernesto Pasten; Raphael Schoenle; Michael Weber | |
| 发表日期 | 2017-09-04 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We document a novel role of heterogeneity in price rigidity: It strongly amplifies the capacity of idiosyncratic shocks to drive aggregate fluctuations. Heterogeneity in price rigidity also completely changes the identity of sectors from which fluctuations originate. We show these results both theoretically and empirically through the lens of a multi-sector model featuring heterogeneous GDP shares, input-output linkages, and idiosyncratic productivity shocks. Quantitatively, we calibrate our model to 341 sectors and find sectoral productivity shocks can give rise to aggregate fluctuations that are half as large as those arising from an aggregate productivity shock. Heterogeneous price rigidity amplifies the aggregate fluctuations by a factor of more than 2 relative to a flexible-price or homogeneous sticky price economy. Hence, idiosyncratic shocks and heterogeneous price rigidity can account for large parts of aggregate uctuations and there is hope we will not "forever remain ignorant of the fundamental causes of economic fluctuations" (Cochrane (1994)). |
| 主题 | Macroeconomics ; Business Cycles ; Development and Growth ; Growth and Productivity |
| URL | https://www.nber.org/papers/w23750 |
| 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/581424 |
| 推荐引用方式 GB/T 7714 | Ernesto Pasten,Raphael Schoenle,Michael Weber. Price Rigidity and the Origins of Aggregate Fluctuations. 2017. |
| 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 | ||
| w23750.pdf（632KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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