Shocks versus Menu Costs: Patterns of Price Rigidity in an Estimated Multisector Menu-Cost Model
利用CPI微观数据估计227种产品的时变菜单成本模型，发现部门间异质性显著放大货币冲击的实际效应约2.5倍，其中Calvo参数异质性起关键作用。
Abstract Sectoral heterogeneity matters for monetary policy. Using CPI microdata, we estimate for 227 products a time-varying menu-cost model to investigate the quantitative relevance of this heterogeneity. We find a substantial degree of cross-sectoral heterogeneity in all structural parameters. Heterogeneity in the Calvo component of the pricing friction is, however, the main source of heterogeneity in price rigidity. Cross-sectoral heterogeneity amplifies the output effect of a monetary shock by a factor of about 2.5, compared to a single-sector model estimated with mean moments. Heterogeneity in the Calvo parameter plays a key role in this amplification.