Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/59465 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Working Paper No. 2011-33
Verlag: 
Rutgers University, Department of Economics, New Brunswick, NJ
Zusammenfassung: 
We develop a multi-sector sticky-price DSGE model that can endogenously deliver differential responses of prices to aggregate and sectoral shocks. Input-output production linkages induce across-sector pricing complementarities that contribute to a slow response of prices to aggregate shocks. In turn, input-market segmentation at the sectoral level induces within-sector pricing substitutability, which helps the model deliver a fast response of prices to sector-specific shocks. We estimate the model using aggregate and sectoral price and quantity data for the U.S., and find that it accounts extremely well for a range of sectoral price facts.
Schlagwörter: 
heterogeneity
price stickiness
sectoral data
FAVAR
sectoral shocks
JEL: 
E30
E31
E32
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.81 MB





Publikationen in EconStor sind urheberrechtlich geschützt.