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Price Rigidities in a Productive Network

Author

Listed:
  • Raphael Schoenle

    (Brandeis University)

  • Michael Weber

    (University of Chicago Booth School of Bu)

  • Ernesto Pasten

    (Central Bank of Chile)

Abstract

In a multi-sector New-Keynesian model where input-output linkages between firms create a productive network, we study the interaction between sectoral heterogeneity in price rigidities and sectoral heterogeneous input-output linkages. Our goal is to explore the implications of these two forms of heterogeneity in (1) the real effects of monetary policy, (2) the aggregate propagation of sectoral idiosyncratic shocks, and (3) the pass-though to aggregate inflation of an oil price shocks. We show that the effects of this interaction is significant after calibrating our model to the US economy.

Suggested Citation

  • Raphael Schoenle & Michael Weber & Ernesto Pasten, 2015. "Price Rigidities in a Productive Network," 2015 Meeting Papers 1217, Society for Economic Dynamics.
    • Handle: RePEc:red:sed015:1217
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