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VERSION:2.0
PRODID:icalendar-ruby
CALSCALE:GREGORIAN
X-WR-CALNAME:S.C. Tsiang Macroeconomics Workshop: Corina Boar
X-WR-TIMEZONE:Eastern Time (US & Canada)
BEGIN:VEVENT
DTSTAMP:20260719T120945Z
UID:tag:localist.com\,2008:EventInstance_43827965977025
DTSTART:20230921T153500Z
DTEND:20230921T171500Z
DESCRIPTION:Corina Boar\, New York University & Federal Reserve Bank\n\nNon
 linear Inflation Dynamics in Menu Cost Economies\n\nwith Andres Blanco\, C
 allum Jones\, Virgiliu Midrigan\n\nWe show that canonical menu cost models
 \, when parameterized to match the distribution of price changes\, suffer 
 three important shortcomings: they require implausibly large menu costs\, 
 they predict a large amount of misallocation\, and they cannot reproduce t
 he comovement between the frequency of price changes and inflation in the 
 data. These shortcomings are amplified in the presence of microeconomic st
 rategic complementarities. We resolve them by extending the standard multi
 -product menu cost model along two dimensions. First\, we assume that stra
 tegic complementarities are at the firm\, not the product level. Second\, 
 we assume that the products sold by a firm are imperfect substitutes. In c
 ontrast to standard models\, the frequency of price changes increases rapi
 dly with the size of monetary shocks\, so our model implies non-linear out
 put responses. Even for small shocks\, our model predicts stronger selecti
 on effects and therefore more flexible price responses and smaller real ef
 fects.
GEO:42.447296;-76.482254
LOCATION:Uris Hall\, 498
SUMMARY:S.C. Tsiang Macroeconomics Workshop: Corina Boar
URL;VALUE=URI:https://events.cornell.edu/event/sc_tsiang_macroeconomics_wor
 kshop_corina_boar
CATEGORIES:Seminar
CATEGORIES:Class/ Workshop
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