Monetary Shocks in Models with Inattentive Producers
研究了企业因理性疏忽而缓慢调整价格时，货币冲击如何产生实际效应，发现非可忽略的观察成本导致观察间隔既长又波动，从而在现实的平均观察间隔下产生较大的货币政策实际效应。
We study models where prices respond slowly to shocks because firms are rationally inattentive. Producers must pay a cost to observe the determinants of the current profit maximizing price, and hence observe them infrequently. To generate large real effects of monetary shocks in such a model the time between observations must be long and/or highly volatile. Previous work on rational inattentiveness has allowed for observation intervals that are either constant-but-long (<i>e.g</i>. Caballero, 1989 or Reis, 2006) or volatile-but-short (<i>e.g</i>. Reis's, 2006 example where observation costs are negligible), but not both. In these models, the real effects of monetary policy are small for realistic values of the duration between observations. We show that non-negligible observation costs produce both of these effects: intervals between observations are infrequent <i>and</i> volatile. This generates large real effects of monetary policy for realistic values of the average time between observations.