期刊名称：DIW Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung, Berlin
出版年度：2009
卷号：2009
出版社：Deutsches Institut für Wirtschaftsforschung, Berlin
摘要：In a standard dynamic stochastic general equilibrium framework, with sticky
prices, the cross sectional distribution of output and inflation across a
population of firms is studied. The only form of heterogeneity is confined to
the probability that the ith changes its prices in response to a shock. In this
Calvo setup the moments of the cross sectional distribution of output and
inflation depend crucially on the proportion of firms that are allowed to change
their prices. We test this model empirically using German balance sheet data on
a very large population of firms. We find a significant counter-cyclical
correlation between the skewness of inflation and aggregates, but the relation
with output is less sure. Our results can be interpreted as indirect evidence of
the importance of price stickiness in macroeconomic adjustments.
