文章基本信息

标题：Micro-based estimates of heterogeneous pricing rules: The United States vs. the euro area
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作者：Luis J. Álvarez ; Pablo Burriel
期刊名称：Documentos de Trabajo / Banco de España
印刷版ISSN：0213-2710
电子版ISSN：1579-8666
出版年度：2010
卷号：1
出版社：Banco de España
摘要：
This paper presents US and euro area estimates for a fully heterogeneous model, in which
there is a continuum of fi rms setting prices with a constant probability of adjustment,
which may differ from fi rm to fi rm. The estimated model accurately matches the empirical
distribution function of individual price durations for the US and the euro area. Incorporating
these micro based pricing rules into a DSGE model, we fi nd that nominal shocks have a
greater real impact in the fully heterogeneous economy than in the standard Calvo model.
We also fi nd that nominal and real shocks bring about a reallocation of resources among
sectors. Monetary policy is found to have a greater real impact in the euro area than in the
United States.
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