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Price rigidities and the granular origins of aggregate fluctuations
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Personen und Körperschaften: | , , |
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Titel: | Price rigidities and the granular origins of aggregate fluctuations/ Ernesto Pasten, Raphael Schoenle, Michael Weber |
Format: | E-Book |
Sprache: | Englisch |
veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2017]
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Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2102 (October 2017)
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Schlagwörter: | |
Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
Zusammenfassung: | We study the aggregate implications of sectoral shocks in a multi-sector New Keynesian model featuring sectoral heterogeneity in price stickiness, sector size, and input-output linkages. We calibrate a 341 sector version of the model to the United States. Both theoretically and empirically, sectoral heterogeneity in price rigidity (i) generates sizable GDP volatility from sectoral shocks, (ii) amplifles both the \granular" and the \network" effects, (iii) alters the identity and relative contributions of the most important sectors for aggregate fluctuations, (iv) can change the sign of fluctuations, (v) invalidates the Hulten (1978) Theorem, and (vi) generates a \frictional" origin of aggregate fluctuations. |
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Umfang: | 1 Online-Ressource (circa 63 Seiten); Illustrationen |
ISBN: |
9789289928243
9289928247 |
DOI: | 10.2866/972980 |