Aggregate Dynamics with Sectoral Price Stickiness Heterogeneity and Aggregate Real Shocks
研究了部门间价格粘性差异如何影响经济对总实际冲击的反应，发现异质性会降低通胀持续性，并影响利率和产出缺口的波动，对政策评估有重要启示。
Abstract This paper investigates the relationship between heterogeneity in sectoral price stickiness and the response of the economy to aggregate real shocks. We show that sectoral heterogeneity reduces inflation persistence for a constant average duration of price spells, and that inflation persistence can fall despite duration increases associated with increases in heterogeneity. We also find that sectoral heterogeneity reduces the persistence and volatility of interest rate and output gap for a constant price spells duration, while the qualitative impact on inflation volatility tends to be positive. A relevant policy implication is that neglecting price stickiness heterogeneity can impair the economic dynamics assessment.