Sectoral Price Facts in a Sticky-Price Model
开发了一个多部门粘性价格DSGE模型，能内生解释价格对总体和部门冲击的不同反应，并用美国数据验证了模型对部门价格事实的解释力。
We develop a multisector sticky-price DSGE model that can endogenously deliver differential responses of prices to aggregate and sectoral shocks. Input-output production linkages and a (standard) monetary policy rule contribute to a slow response of prices to aggregate shocks. In turn, labor market segmentation at the sectoral level induces within-sector strategic substitutability in price-setting decisions, which helps the model deliver a fast response of prices to sector-specific shocks. We estimate the model using aggregate and sectoral price and quantity data for the United States and find that it accounts well for a range of sectoral price facts.