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  1. Nonlinear Dynamics in Menu Cost Economies? Evidence from U.S. Data
    Author: Blanco, Andrés; Boar, Corina; Jones, Callum; Midrigan, Virgiliu
    Published: July 2024
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We show that standard menu cost models cannot simultaneously reproduce the dispersion in the size of micro-price changes and the extent to which the fraction of price changes increases with inflation in the U.S. time-series. Though the Golosov and... more

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    We show that standard menu cost models cannot simultaneously reproduce the dispersion in the size of micro-price changes and the extent to which the fraction of price changes increases with inflation in the U.S. time-series. Though the Golosov and Lucas (2007) model generates fluctuations in the fraction of price changes, it predicts too little dispersion in the size of price changes and therefore little monetary non-neutrality. In contrast, versions of the model that reproduce the dispersion in the size of price changes and generate stronger monetary non-neutrality predict a nearly constant fraction of price changes

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w32748
    Subjects: Preis; Preisstreuung; Anpassungskosten; Inflation; Nichtlineare Dynamik; Prognoseverfahren; USA; Prices, Business Fluctuations, and Cycles
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  2. Pricing Under Distress
    Author: Aruoba, S. Borağan; Fernández, Andrés; Guzman, Daniel; Pasten, Ernesto; Saffie, Felipe
    Published: June 2024
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Uncertainty triggers two confounding effects: a realization and an anticipation effect. By using the 2019 riots in Chile as a quasi-natural experiment, we show that the pricing behavior of supermarkets is consistent with a pure anticipation effect:... more

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    Uncertainty triggers two confounding effects: a realization and an anticipation effect. By using the 2019 riots in Chile as a quasi-natural experiment, we show that the pricing behavior of supermarkets is consistent with a pure anticipation effect: during the 31-day period following the start of the Riots, supermarkets reduce the frequency of price changes and, conditional on a price change, the absolute magnitude of price changes increase. A quantitative menu cost model with news about a future increase in idiosyncratic demand dispersion can deliver these pricing dynamics. The effectiveness of monetary policy crucially depends on the timing of the intervention

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w32538
    Subjects: Preismanagement; Lebensmitteleinzelhandel; Anpassungskosten; Protestbewegung; Chile; Price Level; Inflation; Deflation
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  3. Non-Constant Demand Elasticities, Firm Dynamics and Monetary Non-Neutrality
    Role of Demand Shocks
    Author: Aruoba, S. Borağan; Oue, Eugene; Saffie, Felipe; Willis, Jonathan L.
    Published: May 2024
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We develop a simple menu-cost model with non-constant elasticity of demand that features idiosyncratic productivity and demand shocks. The model is calibrated to match firm-level productivity and demand processes estimated from U.S. data. Despite its... more

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    We develop a simple menu-cost model with non-constant elasticity of demand that features idiosyncratic productivity and demand shocks. The model is calibrated to match firm-level productivity and demand processes estimated from U.S. data. Despite its simplicity, the calibrated model delivers untargeted pricing dynamics and a markup distribution that are consistent with U.S. micro data. Moreover, it also generates sizable monetary non-neutrality that rivals more complicated alternative menu cost models that explicitly target pricing dynamics. The key in reconciling firm and pricing dynamics comes from the interaction between non-constant elasticity of demand and idiosyncratic demand shocks. Thus, this framework effortlessly unifies pricing, markup, and firm dynamics

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w32518
    Subjects: Gesamtwirtschaftliche Nachfrage; Schock; Anpassungskosten; Preiselastizität; Geldpolitik; General; Monetary Policy; Production, Pricing, and Market Structure; Size Distribution of Firms
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  4. Declining Responsiveness at the Establishment Level
    Sources and Productivity Implications
    Author: Cooper, Russell W.; Haltiwanger, John C.; Willis, Jonathan L.
    Published: February 2024
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    This paper studies competing sources of declining dynamism. Evidence shows that an important component of this decline is accounted for by the reduction in the response of employment to shocks in US establishments. Using a plant level dynamic... more

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    This paper studies competing sources of declining dynamism. Evidence shows that an important component of this decline is accounted for by the reduction in the response of employment to shocks in US establishments. Using a plant level dynamic optimization problem as a framework for analysis, four potential reasons for this decline are studied: (i) a change in exogenous processes for profits, (ii) an increase in impatience, (iii) increased market power and (iv) increasing adjustment costs. We identify and quantity the contribution of each of these factors building on a simulated method of moments estimation of our structural model. Our results indicate that the reduction in responsiveness largely reflects increased costs of employment adjustment. Changes in market power, as captured by changes in the curvature of the revenue, function play a minimal role. But, in the presence of rising adjustment costs, measured sales-weighted markups using the recently popular indirect production approach rise substantially, along with rising dispersion and skewness of such measured markups

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w32130
    Subjects: Erwerbstätigkeit; Anpassungskosten; Produktivität; Strukturmodell; USA; General; Turnover; Vacancies; Layoffs; Organization of Production; Environment and Growth
    Scope: 1 Online-Ressource, illustrations (black and white)
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  5. Non-Linear Inflation Dynamics in Menu Cost Economies
    Author: Blanco, Andrés; Boar, Corina; Jones, Callum; Midrigan, Virgiliu
    Published: January 2024
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Canonical menu cost models, when parameterized to match the micro-price data, cannot reproduce the extent to which the fraction of price changes increases with inflation. They also predict implausibly large menu costs and misallocation in the... more

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    Canonical menu cost models, when parameterized to match the micro-price data, cannot reproduce the extent to which the fraction of price changes increases with inflation. They also predict implausibly large menu costs and misallocation in the presence of strategic complementarities. We resolve these shortcomings by extending the multi-product menu cost model along two dimensions. First, the products sold by a firm are imperfect substitutes. Second, strategic complementarities are at the firm, not product level. In contrast to standard models, the fraction of price changes increases rapidly with the size of monetary shocks, so our model implies a non-linear Phillips curve

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w32094
    Subjects: Anpassungskosten; Inflation; Preisniveau; Phillips-Kurve; Theorie; General
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers