Menu Costs and Phillips Curves
Menu Costs and Phillips Curves
复制标题
菜单成本和菲利普斯曲线
DOI：
--
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发表时间：
2003
影响因子：
8.2
通讯作者：
Robert E. Lucas, Jr.
中科院分区：
文献类型：
--
作者：
M. Golosov;Robert E. Lucas, Jr.
本文发展了一个货币经济模型，在这个模型中，单个企业受到特殊的生产率冲击以及普遍的通货膨胀的影响。卖家只能通过产生真正的“菜单成本”来改变价格。我们使用新的美国个人价格数据集来校准这一成本和异质性冲击的方差和自相关性，这是由于克莱诺和克里夫佐夫。对高通胀对价格变动频率影响的校准模型的预测与来自各种研究的国际证据非常吻合。该模型还用于对经济对各种冲击的反应进行数值实验。在我们进行的所有模拟中，货币冲击都没有引发大规模或持续的实际反应。
This paper develops a model of a monetary economy in which individual firms are subject to idiosyncratic productivity shocks as well as general inflation. Sellers can change price only by incurring a real “menu cost.” We calibrate this cost and the variance and autocorrelation of the idiosyncratic shock using a new U.S. data set of individual prices due to Klenow and Kryvtsov. The prediction of the calibrated model for the effects of high inflation on the frequency of price changes accords well with international evidence from various studies. The model is also used to conduct numerical experiments on the economy’s response to various shocks. In none of the simulations we conducted did monetary shocks induce large or persistent real responses.