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The Responsiveness of Prices to Aggregate Technology Shocks and Monetary Policy Shocks

Description:

I show that the speed of price adjustment to aggregate technology shocks is substantially larger than to monetary policy shocks. In the context of large Bayesian Vector Autoregression models, I establish that aggregate and disaggregate prices adjust very quickly to technology shocks, while they only respond sluggishly to monetary policy...

Keyword:

real effects of monetary policy shocks, difference in price responsiveness, aggregate technology shocks, rational inattention, and sticky prices

Subject:

Economics

Creator:

Luigi Paciello

Owner:

Scholarly Digital Publishing

Date Uploaded:

09/18/2018

Date Modified:

09/18/2018

Date Created:

2008-07-07

Resource Type:

Dissertation