Sectoral inflation persistence, market concentration, and imperfect common knowledge
Sectoral inflation persistence, market concentration, and imperfect common knowledge
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部门通胀持续、市场集中、常识不完善
DOI：
10.1016/j.jebo.2021.10.026
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发表时间：
2021
影响因子：
2.2
通讯作者：
Takayuki Tsuruga
中科院分区：
文献类型：
--
作者：
Ryo Kato;Tatsushi Okuda;Takayuki Tsuruga
以前的研究强调，通货膨胀动态在各部门之间表现出很大的分散性。使用美国生产者价格数据，我们提出的证据表明，部门通货膨胀持续性与市场集中度呈负相关，这是很难调和的垄断竞争的标准模型的预测。为了更好地解释这些数据，我们将不完善的共同知识纳入Melitz和Ottaviano（2008）引入的垄断竞争模型。在模型中，随着市场集中度的降低，企业间的定价互补性增强。由于更高的定价互补性产生更大的通货膨胀持续性，我们的模型成功地复制了通货膨胀持续性和跨行业市场集中度之间的负相关关系。
Previous studies have stressed that inflation dynamics exhibit substantial dispersion across sectors. Using US producer price data, we present evidence that sectoral inflation persistence is negatively correlated with market concentration, which is difficult to reconcile with the prediction of the standard model of monopolistic competition. To better explain the data, we incorporate imperfect common knowledge into the monopolistic competition model introduced by Melitz and Ottaviano (2008). In the model, pricing complementarity among firms increases as market concentration decreases. Because higher pricing complementarity generates greater inflation persistence, our model successfully replicates the observed negative correlation between inflation persistence and market concentration across sectors.