INVESTIGATING NONNEUTRALITY IN A STATE‐DEPENDENT PRICING MODEL WITH FIRM‐LEVEL PRODUCTIVITY SHOCKS
研究了在价格调整有固定成本和异质性冲击的模型中，两种参数化虽匹配微观事实但非中性程度不同，发现企业分布变化解释了价格水平对货币冲击短期反应的三分之一，并探讨了稳态统计量对非中性的刻画局限。
Abstract In a model with fixed cost of price adjustment and idiosyncratic shocks, two parameterizations match a large set of microeconomic facts, yet display different degrees of nonneutrality. Although there is substantial nonneutrality in both cases, the model does not behave like a time‐dependent model, as changes in the distribution of firms account for roughly a third of the short‐run response of the price level to a monetary shock. We use the model to examine how aggregating firm behavior can generate flat hazards; we also find that a recently developed steady‐state statistic is an imperfect guide to characterizing nonneutrality.