The real effects of monetary shocks: Evidence from micro pricing moments

被引：4

作者：

Hong, Gee Hee ^{[1
]}

Klepacz, Matthew ^{[2
]}

Pasten, Ernesto ^{[3
]}

Schoenle, Raphael ^{[4
]}

机构：

[1] Int Monetary Fund, Washington, DC 20431 USA

[2] Fed Reserve Board, Washington, DC 20551 USA

[3] Cent Bank Chile, Agustinas 1180, Santiago, Chile

[4] Brandeis Univ, CEPR & CESifo, 415 South St, Waltham, MA 02454 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2023年 / 139卷

关键词：

Price-setting; Monetary non-neutrality; Micro moments; MENU COSTS; STICKY PRICES; MULTIPRODUCT FIRMS; NONNEUTRALITY; INFLATION; FREQUENCY;

D O I：

10.1016/j.jmoneco.2023.06.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Empirically, what pricing moments are informative about monetary non-neutrality? The frequency of price changes is robustly informative among a set of pricing moments and across specifications: A lower frequency is statistically significantly associated with higher monetary non-neutrality, in line with models of price rigidities. Other moments that describe the price change distribution are not consistently or significantly related to monetary non-neutrality. While the frequency explains the largest share of variation in non-neutrality, no pricing moments individually or jointly explain a majority of the variation in a linear empirical setting. Non-pricing moments explain additional variation, however are not consistently associated with monetary non-neutrality. A multi-sector menu cost model featuring different price adjustment technologies across sectors can rationalize our main findings.(c) 2023 Elsevier B.V. All rights reserved.

引用

页码：1 / 20

页数：20

共 42 条

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