Arbeitspapier
Distributional dynamics under smoothly state-dependent pricing
Starting from the assumption that firms are more likely to adjust their prices when doing so is more valuable, this paper analyzes monetary policy shocks in a DSGE model with firm-level heterogeneity. The model is calibrated to retail price microdata, and inflation responses are decomposed into “intensive”, “extensive”, and “selection” margins. Money growth and Taylor rule shocks both have nontrivial real effects, because the low state dependence implied by the data rules out the strong selection effect associated with fixed menu costs. The response to firm-specific shocks is gradual, though inappropriate econometrics might make it appear immediate.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 1333
- Klassifikation
-
Wirtschaft
Price Level; Inflation; Deflation
Monetary Policy
Criteria for Decision-Making under Risk and Uncertainty
- Thema
-
heterogeneity
menu costs
nominal rigidity
state-dependent pricing
Taylor rule
Taylor-Regel
Dynamisches Gleichgewicht
Preismanagement
Preisrigidität
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Costain, James
Nakov, Anton
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Costain, James
- Nakov, Anton
- European Central Bank (ECB)
Entstanden
- 2011
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