DATA AND CODE FOR: Sectoral Heterogeneity in Nominal Price Rigidity and the Origin of Aggregate Fluctuations

Principal Investigator(s): View help for Principal Investigator(s) Ernesto Pasten, Central Bank of Chile; Raphael Schoenle, Brandeis University; Michael Weber, University of Chicago. Booth School of Business

Version: View help for Version V1

Name	File Type	Size	Last Modified
2002CkDetailed.csv	text/csv	3.7 KB	02/10/2024 10:37:AM
2002RevShareDetailed.csv	text/csv	839.5 KB	01/26/2024 12:18:PM
CPI.mat	application/x-matlab-data	5.9 KB	02/10/2024 06:14:AM
FPA.mat	application/x-matlab-data	2.7 KB	02/10/2024 03:31:AM
GDP_PGDPwhole.mat	application/x-matlab-data	8 KB	02/17/2019 06:33:AM
GDP_PGDPwhole.xls	application/vnd.ms-excel	98.5 KB	02/08/2024 04:40:PM
GDP_PGDPwhole_matlab.xls	application/vnd.ms-excel	101 KB	02/12/2024 09:49:AM
GENSYSCT.m	text/x-matlab	5.6 KB	07/05/2019 07:23:AM
Gensys_IRF.m	text/x-matlab	328 bytes	02/10/2024 10:12:AM
Gensys_matrix_interest_rate_smoothing.m	text/x-matlab	6.8 KB	10/25/2021 06:37:AM

Project Citation:

Pasten, Ernesto, Schoenle, Raphael, and Weber, Michael. DATA AND CODE FOR: Sectoral Heterogeneity in Nominal Price Rigidity and the Origin of Aggregate Fluctuations. Nashville, TN: American Economic Association [publisher], 2024. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2024-02-28. https://doi.org/10.3886/E184704V1

Project Description

Summary:

We study the role of heterogeneity in nominal price rigidity for aggregate fluctuations in a model with sectoral productivity shocks Theoretically, sectoral heterogeneity in the pricing friction has an ambiguous effect on GDP and aggregate price volatility. Quantitatively, (1) GDP volatility is amplified when the friction is heterogeneous rather than homogeneous; (2) sectoral shocks can jointly rationalize the volatility of sectoral prices, aggregate prices, and GDP, unlike aggregate shocks; (3) shocks to the largest or most central sectors may not matter in the aggregate as heterogeneous pricing frictions may alter the identity of the most important sectors for aggregate fluctuations.

Funding Sources: National Science Foundation (1756997)

Scope of Project

JEL Classification:
      E31 Price Level; Inflation; Deflation
      E32 Business Fluctuations; Cycles
      O40 Economic Growth and Aggregate Productivity: General

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V1 [2024-02-28]

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