On the Quantitative Effects of Unconventional Monetary Policies
I use a unique micro price data to estimate the pass-through from commodity prices to retail prices in several countries. The paper presents and develops a simple methodology to estimate the pass-through from the prices of different commodities into various sectors across several countries. This is the first exercise of this type. As expected, countries respond differently to the different shocks; and sectors respond differently across countries and commodities. A third of all the explained variation is driven by sectoral characteristics, which is a dimension mostly disregarded by the literature.
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- Cúrdia, Vasco & Woodford, Michael, 2016.
"Credit Frictions and Optimal Monetary Policy,"
Journal of Monetary Economics,
Elsevier, vol. 84(C), pages 30-65.
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