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DTSTART;TZID=America/New_York:20201118T094500
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CREATED:20240209T115024Z
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UID:10001870-1605692700-1605697200@cmsa.fas.harvard.edu
SUMMARY:Re-pricing avalanches
DESCRIPTION:Speaker: Jose A. Scheinkman (Columbia)\n\nTitle: Re-pricing avalanches\n\nAbstract: 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 finite number of firms is capable of generating large fluctuations in the number of firms that adjust prices in response to an idiosyncratic shock to a firm’s cost of price adjustment.  These fluctuations\, in turn\, cause fluctuations  in aggregate price changes even in the absence of aggregate shocks. (Joint work with Makoto Nirei.)
URL:https://cmsa.fas.harvard.edu/event/3-11-2020-colloquium/
LOCATION:Virtual
CATEGORIES:Colloquium
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