El Departamento de Economía de la Universidad de Chile tiene el agrado de invitar a usted a un nuevo Seminario Académico:

Título: “Price Rigidity and the Idiosyncratic Origin or Aggregate Fluctuations”

Autores: Ernesto Pastén (BC Chile), Raphael Schoenle (Brandeis) y Michael Weber (Booth).

Presentador: Ernesto Pastén (BC Chile)

Abstract:

We study the aggregate propagation of idiosyncratic, sectorial shocks in a multi-sector new-Keynesian model with intermediate inputs featuring sectorial heterogeneity in price stickiness, sectorial GDP, and input-output linkages. Heterogeneity of price rigidity distorts the "granular" effect of the fat-failed distribution of sectors' size as well as the "network" effect of the centrality of some sectors in the production network. This distortion involves the strength of the aggregate volatility generated by sectorial shocks as well as the identity of the most important sectors. The granular and the network effects may in fact be completely irrelevant while the empirical distribution of price stickiness may generate by itself sizable aggregate volatility from sectorial shocks. We calibrate our model to 345 sectors using US data to quantify the strength and interaction of "granular", "network" and "frictional" sources of aggregate fluctuations.

El  Seminario  se realizará el miércoles 11 de mayo 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.