Publications séminaires GAINS

09 janvier 2018 Erwan Gautier (Bdf et Univ Nantes)

écrit en collaboration avec Hervé Le Bihan (BdF)

présente :

Shocks vs Menu Costs : Patterns of Price Rigidity in an Estimated Multi-Sector Menu-Cost Model

Abstract :
Relying on a menu cost model augmented with a time-dependent (Calvo) component, we investigate the structural sources of cross-sectoral heterogeneity in patterns of price setting. We use a large micro data set of French consumer prices to estimate the model at the product level for 227 products. The Calvo component is found to be large in most sectors. Heterogeneity in structural parameters is found to be substantial. These two features combined result in a sizable amplification of the degree of monetary policy non-neutrality, as compared to a single sector pure menu-cost model estimated with aggregate moments.

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