Price Rigidities in a Productive Network

Raphael Schoenle, Michael Weber and Ernesto Pasten

No 1217, 2015 Meeting Papers from Society for Economic Dynamics

Abstract: In a multi-sector New-Keynesian model where input-output linkages between firms create a productive network, we study the interaction between sectoral heterogeneity in price rigidities and sectoral heterogeneous input-output linkages. Our goal is to explore the implications of these two forms of heterogeneity in (1) the real effects of monetary policy, (2) the aggregate propagation of sectoral idiosyncratic shocks, and (3) the pass-though to aggregate inflation of an oil price shocks. We show that the effects of this interaction is significant after calibrating our model to the US economy.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed015:1217

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