Persistent Monetary Non-neutrality in an Estimated Menu Cost Model with Partially Costly Information
提出一个模型，将频繁且大幅度的价格变动与显著的货币非中性统一起来，估计结果显示该模型产生的货币非中性是Calvo模型的三倍。
We propose a model that reconciles microeconomic evidence of frequent and large price changes with sizable monetary non-neutrality. Firms incur separate lump-sum costs to change prices and to gather and process some information about marginal costs. Additional relevant information is continuously available and can be factored into pricing decisions at no cost. We estimate the model by Simulated Method of Moments, using price-setting statistics for the US economy. The model with free idiosyncratic and costly aggregate information fits well both targeted and untargeted microeconomic moments and generates almost three times as much monetary non-neutrality as the Calvo model.