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Speaker: Jose A. Scheinkman (Columbia) Title: Re-pricing avalanches Abstract: Monthly aggregate price changes exhibit chronic fluctuations but the aggregate shocks that drive these fluctuations are often elusive. Macroeconomic models often add stochastic macro-level shocks such as technology shocks or monetary policy shocks to produce these aggregate fluctuations. In this paper, we show that a state-dependent pricing model with a large but […] |
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