具有部分成本信息的估计菜单成本模型中的持续货币非中性

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2023-04-01 DOI:10.1257/mac.20190241

Marco Bonomo, Carlos Carvalho, René Garcia, Vivian Malta, Rodolfo Rigato

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引用次数: 0

摘要

我们提出了一个模型，调和微观经济证据频繁和大的价格变化与相当大的货币非中性。企业为了改变价格和收集和处理一些关于边际成本的信息而产生单独的一次性成本。额外的相关信息可以持续获得，并且可以免费考虑到定价决策中。我们使用美国经济的价格设定统计数据，通过模拟力矩法来估计模型。具有免费、特殊和昂贵的汇总信息的模型，在目标和非目标微观经济时刻都能很好地适应，而且产生的货币非中立性几乎是卡尔沃模型的三倍。(凝胶d21, d83, e23, e31, 11)

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Persistent Monetary Non-neutrality in an Estimated Menu Cost Model with Partially Costly Information

We propose a model that reconciles microeconomic evidence of frequent and large price changes with sizable monetary non-neutrality. Firms incur separate lump-sum costs to change prices and to gather and process some information about marginal costs. Additional relevant information is continuously available and can be factored into pricing decisions at no cost. We estimate the model by Simulated Method of Moments, using price-setting statistics for the US economy. The model with free idiosyncratic and costly aggregate information fits well both targeted and untargeted microeconomic moments and generates almost three times as much monetary non-neutrality as the Calvo model. (JEL D21, D83, E23, E31, L11)

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来源期刊

American Economic Journal-Macroeconomics ECONOMICS-

CiteScore

8.20

自引率

1.70%

发文量

期刊介绍： American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.