Shocks versus Menu Costs: Patterns of Price Rigidity in an Estimated Multisector Menu-Cost Model

被引：4

作者：

Gautier, Erwan ^{[1
]}

Le Bihan, Herve ^{[1
,2
]}

机构：

[1] Banque France, Paris, France

[2] Banco Espana, Madrid, Spain

来源：

REVIEW OF ECONOMICS AND STATISTICS | 2022年 / 104卷 / 04期

关键词：

MULTIPRODUCT FIRMS; FACTS;

D O I：

10.1162/rest_a_00968

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Sectoral heterogeneity matters for monetary policy. Using CPI microdata, we estimate for 227 products a time-varying menu-cost model to investigate the quantitative relevance of this heterogeneity. We find a substantial degree of cross-sectoral heterogeneity in all structural parameters. Heterogeneity in the Calvo component of the pricing friction is, however, the main source of heterogeneity in price rigidity. Cross-sectoral heterogeneity amplifies the output effect of a monetary shock by a factor of about 2.5, compared to a single-sector model estimated with mean moments. Heterogeneity in the Calvo parameter plays a key role in this amplification.

引用

页码：668 / 685

页数：18

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