Replication files for "Persistent Monetary Non-neutrality in an Estimated Menu-Cost Model with Partially Costly Information"
Principal Investigator(s): View help for Principal Investigator(s) Marco Bonomo, INSPER; Carlos Carvalho, PUC-Rio; René Garcia, Université de Montreal; Vivian Malta, Prometeia; Rodolfo Rigato, Harvard University
Version: View help for Version V1
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Project Description
Summary:
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Abstract 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 U.S. 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.
Scope of Project
Subject Terms:
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menu costs;
information costs;
infrequent information;
monetary non-neutrality;
partial information;
inattention;
optimal price setting;
state-dependent pricing;
time-dependent pricing
JEL Classification:
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E00 Macroeconomics and Monetary Economics: General
E31 Price Level; Inflation; Deflation
E00 Macroeconomics and Monetary Economics: General
E31 Price Level; Inflation; Deflation
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