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Price Rigidities in a Productive Network

Listed author(s):
  • Raphael Schoenle

    (Brandeis University)

  • Michael Weber

    (University of Chicago Booth School of Bu)

  • Ernesto Pasten

    (Central Bank of Chile)

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.

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Paper provided by Society for Economic Dynamics in its series 2015 Meeting Papers with number 1217.

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Date of creation: 2015
Handle: RePEc:red:sed015:1217
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Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA

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