全球智库信息集成服务系统(G2TT): Shocks vs. Responsiveness: What Drives Time-Varying Dispersion?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w23143
来源ID	Working Paper 23143
	Shocks vs. Responsiveness: What Drives Time-Varying Dispersion?
	David Berger; Joseph Vavra
发表日期	2017-02-13
出版年	2017
语种	英语
摘要	The dispersion of many economic variables is countercyclical. What drives this fact? Greater dispersion could arise from greater volatility of shocks or from agents responding more to shocks of constant size. Without data separately measuring exogenous shocks and endogenous responses, a theoretical debate between these explanations has emerged. In this paper, we provide novel identification using the open-economy environment: using confidential BLS microdata, we document a robust positive relationship between exchange rate pass-through and the dispersion of item-level price changes. We show this relationship arises naturally in models with time-varying responsiveness but is at odds with models featuring volatility shocks.
主题	Macroeconomics ; Macroeconomic Models ; Business Cycles ; Monetary Policy ; International Economics ; International Finance
URL	https://www.nber.org/papers/w23143
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/580817
推荐引用方式 GB/T 7714	David Berger,Joseph Vavra. Shocks vs. Responsiveness: What Drives Time-Varying Dispersion?. 2017.