Real Rigidities and Nominal Price Changes
Bibliographic Data
| ID | 9725426 |
|---|---|
| Authors | Peter J Klenow (Department of Economics Stanford University, SIEPR and NBER), Jonathan L Willis (Federal Reserve Bank of Kansas City) |
| Year | 2016 |
| Volume | 83 |
| Issue | 331 |
| Pages | 443-472 |
| Publication date | 2016-07-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/ecca.12191 |
| OpenAlex | W2340307213 |
| Language | EN |
| Citations received | 11 |
| References cited | 38 |
Real rigidities can help to generate persistent effects of monetary policy shocks. We analyse an industry equilibrium model with two types of real rigidities: a ‘micro’ real rigidity from a kinked demand curve, and a ‘macro’ real rigidity due to sticky intermediate prices. We estimate key model parameters using micro data from the US CPI, which features big movements in relative prices within and across sectors. The micro real rigidity necessitates large idiosyncratic shocks to productivity. The macro real rigidity does not entail such large idiosyncratic shocks, and is consistent with the volatility of sectoral TFP growth
Econometrics · Economic impact analysis · Economics · Macro · Macroeconomics · Micro level · Microeconomics · Monetary economics · Monetary policy · Productivity · Relative price · Rigidity (electromagnetism) · Total factor productivity · Volatility (finance) · Computer Science · Economic theories and models · Economic Theory and Policy · Monetary Policy and Economic Impact
The Supply-Side Effects of Monetary Policy
Shocks and Frictions in US Business Cycles
Markups, Labor Market Inequality and the Nature of Work
Estimating the Pro‐Competitive Effect and Variety Gains Using Firm‐Level Data
Monetary Policy, Markup Dispersion, and Aggregate TFP
Revisiting the Origins of Business Cycles With the Size-Variance Relationship
Shocks versus Responsiveness
Recipes and Economic Growth
House Price Momentum and Strategic Complementarity
How Costly Are Markups
The Supply-Side Effects of Monetary Policy
Chapter 2 Monetary policy shocks
Five Facts about Prices
A New Measure of Monetary Shocks
Staggered prices in a utility-maximizing framework
Shocks and Frictions in US Business Cycles
A Phillips Curve with an Ss Foundation
Aggregate Dynamics and Staggered Contracts
Some Evidence on the Importance of Sticky Prices
Income and Wealth Heterogeneity in the Macroeconomy
Menu Costs and Phillips Curves
| Unique citing works | 11 |
|---|---|
| Citations per year | 0,58 |
| Citation span | 2007 - 2025 (19) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 10 |