P. Klenow, и J. Willis. Journal of Monetary Economics, 54, Supplement (0):
79 - 99(2007)Supplement issue: October 20-21 2006 Research Conference on 'Microeconomic Adjustment and Macroeconomic Dynamics' Sponsored by the Swiss National Bank (http://www.snb.ch) and Study Center Gerzensee (www.szgerzensee.ch).
DOI: 10.1016/j.jmoneco.2007.06.003
Аннотация
In the U.S. and Europe, prices change at least once a year. Yet nominal macro shocks seem to have real effects lasting well beyond a year. “Sticky information” models, as posited by Mankiw and Reis 2002. Sticky information versus sticky prices: a proposal to replace the new Keynesian Phillips curve. Quarterly Journal of Economics 117, 1295–1328, Sims 2003. Implications of rational inattention. Journal of Monetary Economics 50(3), 665–690, and Woodford 2003. Princeton University Press: Princeton, NJ, can reconcile micro flexibility with macro rigidity. We simulate a sticky information model in which price setters update information on macro shocks less frequently than information on micro shocks. We then examine price changes in the micro data underlying the U.S. CPI. Empirical price changes react to old information, just as sticky information models predict.
Описание
ScienceDirect.com - Journal of Monetary Economics - Sticky information and sticky prices
Supplement issue: October 20-21 2006 Research Conference on 'Microeconomic Adjustment and Macroeconomic Dynamics' Sponsored by the Swiss National Bank (http://www.snb.ch) and Study Center Gerzensee (www.szgerzensee.ch)
%0 Journal Article
%1 klenow2007sticky
%A Klenow, Peter J.
%A Willis, Jonathan L.
%D 2007
%J Journal of Monetary Economics
%K idiosyncratic_shocks menu_costs microdata rational_inattention sticky_prices
%N 0
%P 79 - 99
%R 10.1016/j.jmoneco.2007.06.003
%T Sticky information and sticky prices
%U http://www.sciencedirect.com/science/article/pii/S0304393207000542
%V 54, Supplement
%X In the U.S. and Europe, prices change at least once a year. Yet nominal macro shocks seem to have real effects lasting well beyond a year. “Sticky information” models, as posited by Mankiw and Reis 2002. Sticky information versus sticky prices: a proposal to replace the new Keynesian Phillips curve. Quarterly Journal of Economics 117, 1295–1328, Sims 2003. Implications of rational inattention. Journal of Monetary Economics 50(3), 665–690, and Woodford 2003. Princeton University Press: Princeton, NJ, can reconcile micro flexibility with macro rigidity. We simulate a sticky information model in which price setters update information on macro shocks less frequently than information on micro shocks. We then examine price changes in the micro data underlying the U.S. CPI. Empirical price changes react to old information, just as sticky information models predict.
@article{klenow2007sticky,
abstract = {In the U.S. and Europe, prices change at least once a year. Yet nominal macro shocks seem to have real effects lasting well beyond a year. “Sticky information” models, as posited by Mankiw and Reis [2002. Sticky information versus sticky prices: a proposal to replace the new Keynesian Phillips curve. Quarterly Journal of Economics 117, 1295–1328], Sims [2003. Implications of rational inattention. Journal of Monetary Economics 50(3), 665–690], and Woodford [2003. Princeton University Press: Princeton, NJ], can reconcile micro flexibility with macro rigidity. We simulate a sticky information model in which price setters update information on macro shocks less frequently than information on micro shocks. We then examine price changes in the micro data underlying the U.S. CPI. Empirical price changes react to old information, just as sticky information models predict. },
added-at = {2013-06-12T09:31:27.000+0200},
author = {Klenow, Peter J. and Willis, Jonathan L.},
biburl = {https://www.bibsonomy.org/bibtex/2b2045344da049d6dabd6085cf9767659/jp},
description = {ScienceDirect.com - Journal of Monetary Economics - Sticky information and sticky prices},
doi = {10.1016/j.jmoneco.2007.06.003},
interhash = {74c1f198ec64c7d927471ad8353eced5},
intrahash = {b2045344da049d6dabd6085cf9767659},
issn = {0304-3932},
journal = {Journal of Monetary Economics },
keywords = {idiosyncratic_shocks menu_costs microdata rational_inattention sticky_prices},
note = {Supplement issue: October 20-21 2006 Research Conference on 'Microeconomic Adjustment and Macroeconomic Dynamics' Sponsored by the Swiss National Bank (http://www.snb.ch) and Study Center Gerzensee (www.szgerzensee.ch) },
number = 0,
pages = {79 - 99},
timestamp = {2013-06-12T09:31:27.000+0200},
title = {Sticky information and sticky prices },
url = {http://www.sciencedirect.com/science/article/pii/S0304393207000542},
volume = {54, Supplement},
year = 2007
}