| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27663 |
| 来源ID | Working Paper 27663 |
| The Missing Inflation Puzzle: The Role of the Wage-Price Pass-Through | |
| Sebastian Heise; Fatih Karahan; Ayşegül Şahin | |
| 发表日期 | 2020-08-10 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Price inflation in the U.S. has been sluggish and slow to pick up in the last two decades. We show that this missing inflation can be traced to a growing disconnect between unemployment and core goods inflation. We exploit rich industry-level data to show that weakening pass-through from wages to prices in the goods-producing sector is an important source of the slow inflation pick-up in the last two decades. We set up a theoretical framework where markups and pass-through are a function of firms' market shares and show that increased import competition and rising market concentration reduce pass-through from wages to prices. We then use industry-level data and find strong support for these two channels consistent with the implications of our model. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles |
| URL | https://www.nber.org/papers/w27663 |
| 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/585335 |
| 推荐引用方式 GB/T 7714 | Sebastian Heise,Fatih Karahan,Ayşegül Şahin. The Missing Inflation Puzzle: The Role of the Wage-Price Pass-Through. 2020. |
| 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 | ||
| w27663.pdf（726KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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