Optimal Sticky Prices under Rational Inattention

被引：387
|
作者：
Mackowiak, Bartosz [1 ]
Wiederholt, Mirko [2 ]
机构：
[1] European Cent Bank, D-60311 Frankfurt, Germany
[2] Northwestern Univ, Dept Econ, Evanston, IL 60208 USA
来源：
AMERICAN ECONOMIC REVIEW | 2009年 / 99卷 / 03期
关键词：
MONETARY-POLICY; SOCIAL VALUE; INFORMATION; RIGIDITIES; OUTPUT; COSTS; MODEL;
D O I：
10.1257/aer.99.3.769
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper presents a model in which price setting firms decide what to pay attention to, subject to a constraint on information flow. When idiosyncratic conditions are more variable or more important than aggregate conditions, 'firms pay more attention to idiosyncratic conditions than to aggregate conditions. When we calibrate the model to match the large average absolute size of price changes observed in micro data, prices react fast and by large amounts to idiosyncratic shocks, but only slowly and by small amounts to nominal shocks. Nominal shocks have strong and persistent real effects. (JEL D21, D83, E31, E52)
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页码：769 / 803
页数：35
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