Michael K. Johnston - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T09:46:06+00:00Real and Nominal Frictions within the Firm: How Lumpy Investment Matters for Price Adjustment
https://www.bankofcanada.ca/2009/12/working-paper-2009-36/
Real rigidities are an important feature of modern sticky price models and are policy-relevant because of their welfare consequences, but cannot be structurally identified from time series. I evaluate the plausibility of capital specificity as a source of real rigidities using a two-dimensional generalized (s,S) model calibrated to micro evidence.2009-12-15T16:03:27+00:00enReal and Nominal Frictions within the Firm: How Lumpy Investment Matters for Price Adjustment2009-12-15Monetary policy transmissionWorking Paper 2009-36 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-36.pdfReal and Nominal Frictions within the Firm: How Lumpy Investment Matters for Price AdjustmentMichael K. JohnstonDecember 2009EE1E12E2E22E3E31