Seminario Académico - Persistent Monetary Non-neutrality in an Estimated Model with Menu Costs and Partially costly Information
Fecha de inicio: 30 de Marzo, 2016, 13:00 hrs.
Fecha de término: 30 de Marzo, 2016, 14:00 hrs.
El Seminario se realizará el miércoles 30 de marzo de 13:00 a 14:00 hrs, en la Sala P-302 de FEN.
Estimados (as)
El Departamento de Economía de la Universidad de Chile tiene el agrado de invitar a usted a un nuevo Seminario Académico:
Título - ¨Persistent Monetary Non-neutrality in an Estimated Model with Menu Costs and Partially costly Information".
Autores - Carlos Carvallo (PUC-Rio), Rene Garcia (EDHEC Business School), Vivian Malta (World Bank), Marco Bonomo (Insper)
Presentador - Marco Bonomo (Insper)
Abstract:
We propose a price-setting model which helps reconcile microeconomic evidence of rela-tively frequent price adjustments with persistent real e¤ects of monetary shocks. In our model, both price adjustments and the gathering of some types of information are costly, requiring the payment of a lump-sum cost. Additional relevant information .ows continuously, and can be factored into pricing decisions costlessly. We estimate three versions of the model by a Simulated Method of Moments, including a special case in which all information is costly. When idiosyn- cratic information is free and aggregate information is costly, our estimated model is able to match individual price-setting statistics for the U.S. and, at the same time, produce persistent monetary non-neutrality.
El Seminario se realizará el miércoles 30 de marzo de 13:00 a 14:00 hrs, en la Sala P-302 Tercer Piso del edificio Placa de la Facultad de Economía y Negocios de la Universidad de Chile, ubicada en Diagonal Paraguay 257.