文章基本信息
- 标题：Micro-based estimates of heterogeneous pricing rules: The United States vs. the euro area
- 本地全文：下载
- 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
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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.
