Sectoral Price Rigidity and Aggregate Dynamics

In this paper, we study the macroeconomic implications of sectoral heterogeneity and, in particular, heterogeneity in price setting, through the lens of a highly disaggregated multi-sector model. The model incorporates several realistic features and is estimated using a mix of aggregate and sectoral U.S. data. The frequencies of price changes implied by our estimates are remarkably consistent with those reported in micro-based studies, especially for non-sale prices. The model is used to study (i) the contribution of sectoral characteristics to the observed cross sectional heterogeneity in sectoral output and inflation responses to a monetary policy shock, (ii) the implications of sectoral price rigidity for aggregate output and inflation dynamics and for cost pass-through, and (iii) the role of sectoral shocks in explaining sectoral prices and quantities.

The environment as a tool for health towards a definition of the individual boundary process = L'environnement comme outil de santé vers une définition du processus de gestion des frontières personnelles

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal

Career Officers and Political Appointees in American Diplomacy: Contending for Diplomatic Positions through Boundary Work

American Political and Economic Series