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Price Rigidity and the Origins of Aggregate Fluctuations
Pasten, Ernesto - 2018
We document a novel role of heterogeneity in price rigidity: It strongly amplifies the capacity of idiosyncratic shocks to drive aggregate fluctuations. Heterogeneity in price rigidity also completely changes the identity of sectors from which fluctuations originate. We show these results both...
Persistent link: https://www.econbiz.de/10012908795
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Price Rigidities and the Granular Origins of Aggregate Fluctuations
Pasten, Ernesto - 2017
We study the aggregate implications of sectoral shocks in a multi-sector New Keynesian model featuring sectoral heterogeneity in price stickiness, sector size, and input-output linkages. We calibrate a 341 sector version of the model to the United States. Both theoretically and empirically,...
Persistent link: https://www.econbiz.de/10012947907
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Shocks to Bank Lending, Risk-Taking, Securitization, and Their Role for U.S. Business Cycle Fluctuations
Peersman, Gert - 2014
type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank …
Persistent link: https://www.econbiz.de/10013055428
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Financial Constraints and Nominal Price Rigidities
Balleer, Almut - 2017
. Moreover, in response to aggregate shocks, aggregate price rigidity moves substantially, the response of inflation is dampened …
Persistent link: https://www.econbiz.de/10012962670
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Monetary Policy and the Relative Price of Durable Goods
Cantelmo, Alessandro - 2015
In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...
Persistent link: https://www.econbiz.de/10013023113
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Price Changes - Stickiness and Internal Coordination in Multiproduct Firms
Letterie, Wilko H. - 2016
We assess empirically the micro-foundations of producers' sticky pricing behaviour. The intertemporal profit function considered accounts for various functional forms of menu costs. The focus is on the analysis of multiproduct plants, and the menu costs therefore also allow for economies of...
Persistent link: https://www.econbiz.de/10012998723
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Firm-to-Firm Relationships and Price Rigidity Theory and Evidence
Heise, Sebastian - 2017
Economists have long suspected that firm-to-firm relationships might increase price rigidity due to the use of explicit or implicit fixed-price contracts. Using transaction-level import data from the U.S. Census, I study the responsiveness of prices to exchange rate changes and show that prices...
Persistent link: https://www.econbiz.de/10012965634
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Two-Tier Labor Markets in the Great Recession : France vs. Spain
Bentolila, Samuel; Cahuc, Pierre; Dolado, Juan Jose; Le … - 2021
This paper analyzes the strikingly different response of unemployment to the Great Recession in France and Spain. Their … France, unemployment rate has increased by 2 percentage points, whereas in Spain it has shot up to 19% by the end of 2009. We … contracts and the less restrictive rules regarding the use of the latter contracts in Spain. Using a calibrated search and …
Persistent link: https://www.econbiz.de/10013316123
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Which Communities Should Be Afraid of Mobility? The Effects of Agglomeration Economies on the Sensitivity of Firm Location to Local Taxes
Jofre-Monseny, Jordi; Sole-Olle, Albert - 2021
. In line with the theory, a municipality with stronger AE experiences lower (higher) tax effects if it is sufficiently …
Persistent link: https://www.econbiz.de/10013316524
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The Effects of Partisan Alignment on the Allocation of Intergovernmental Transfers : Differences-in-Differences Estimates for Spain
Sole-Olle, Albert; Sorribas-Navarro, Pilar - 2021
In this paper we test the hypothesis that municipalities aligned with upper-tier grantor governments (i.e., controlled by the same party) will receive more grants than those that are unaligned. We use a rich Spanish database, which provides information on grants received by nearly 900...
Persistent link: https://www.econbiz.de/10013317320