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  1. Real rigidities, firm dynamics, and monetary nonneutrality
    the role of demand shocks
    Author: Aruoba, S. Borağan; Oue, Eugene; Saffie, Felipe; Willis, Jonathan L.
    Published: [2023]
    Publisher:  Federal Reserve Bank of Atlanta, Atlanta, GA

    We propose a parsimonious framework for real rigidities, in the form of strategic complementarities, that can generate real and nominal dynamics and match key features of the data across several literatures. Existing menu-cost models featuring... more

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    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 253
    Inter-library loan:
    No inter-library loan

     

    We propose a parsimonious framework for real rigidities, in the form of strategic complementarities, that can generate real and nominal dynamics and match key features of the data across several literatures. Existing menu-cost models featuring strategic complementarities require unrealistically volatile shocks to idiosyncratic productivity to be consistent with pricing moments. We develop a simple menu-cost model with strategic complementarities along with idiosyncratic productivity and demand shocks that are disciplined by the data. This approach allows us to overcome previous criticism from analysis of models that employ only an idiosyncratic productivity shock and calibrate solely using data from the price-adjustment literature. Despite its simplicity, the model can generate sizable monetary nonneutrality along with the magnitude of cost pass-through documented in previous studies, while also remaining consistent with micro pricing and markup evidence.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/279458
    Series: Working paper series / Federal Reserve Bank of Atlanta ; 2023, 3 (April 2023)
    Subjects: menu costs; strategic complementarities; demand shocks; sticky prices; monetary nonneutrality
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  2. Does inflation come and go in the same way?
    Author: Hukkinen, Juhana; Virén, Matti E. E.
    Published: November 2023
    Publisher:  Aboa Centre for Economics, Turku

    The failure to predict the surge in inflation in 2021 raises questions about whether we are better equipped to anticipate a future decline in inflation. What tools do we intend to use for predicting the trajectory of inflation? Are we still primarily... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 753
    Inter-library loan:
    No inter-library loan

     

    The failure to predict the surge in inflation in 2021 raises questions about whether we are better equipped to anticipate a future decline in inflation. What tools do we intend to use for predicting the trajectory of inflation? Are we still primarily relying on survey data regarding inflation expectations, and are we still employing a Calvo-type structure to model inflation, in which only the intensive margin (the size of price increases) adjusts in response to changes in demand and supply? We would like to emphasize that our highly disaggregated consumer price data for the Euro area, consisting of 280 commodity categories, strongly suggests that price increases (inflation) are influenced not only by aggregate trends but also by sector-specific developments that result in state-dependent price adjustments. These factors may lead to more volatile fluctuations in the inflation rate. Furthermore, these reactions do not appear to be entirely symmetric when it comes to rising and falling inflation. When the inflation rate is close to zero, the role of state-dependent pricing is diminished, and nonlinearities become less significant.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/298579
    Series: Discussion paper / Aboa Centre for Economics ; no. 163 (November 2023)
    Subjects: inflation; state-dependent pricing; menu costs
    Scope: 1 Online-Ressource (circa 17 Seiten), Illustrationen