Price Stickiness and Sectoral Inflation Persistence: Additional Evidence
利用美国和法国的部门数据及价格刚性指标，重新检验价格粘性与通胀持续性之间的关系，发现过滤部门特定冲击并采用替代边际成本假设后，对时间依赖型Calvo模型的质疑被削弱。
In this paper, using U.S. as well as French sectoral data and indicators of price rigidity, we reexamine the (lack of) relation between price stickiness and inflation persistence. This has recently been put forward by Bils and Klenow (2004) as evidence against time‐dependent price setting models. We obtain that, when filtering out sector‐specific shocks along the lines of Boivin, Giannoni, and Mihov (2009), and allowing for an alternative assumption on the marginal cost process, the case against the time‐dependent Calvo model is substantially weakened.