Strategic Inattention, Inflation Dynamics, and the Nonneutrality of Money
构建了一个包含理性忽视和寡头竞争的新动态一般均衡模型，研究竞争如何影响企业预期。模型预测竞争较少的企业更不关注总量变量，且这种策略性忽视会放大货币非中性效应，使产出反应不成比例地偏向竞争较弱的寡头企业。
This paper studies how competition affects firms’ expectations in a new dynamic general equilibrium model with rational inattention and oligopolistic competition where firms acquire information about their competitors’ beliefs. In the model, firms with fewer competitors are less attentive to aggregate variables—a novel prediction supported by survey evidence. A calibrated version of the model matches the relationship between firms’ numbers of competitors and their uncertainty about aggregate inflation as a nontargeted moment. A quantitative exercise reveals that firms’ strategic inattention to aggregates significantly amplifies monetary nonneutrality and shifts output response disproportionately toward less competitive oligopolies by distorting relative prices.