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UID:93846fc41ff8b13ce2d5313d8d802315
CATEGORIES:Seminars
CREATED:20170411T181350
SUMMARY:Lunch Seminar: Raphael Schoenle - Brandeis University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Production Networks and the Propagation of Monetary Policy Shocks (with Ern
 esto Pasten and Michael Weber)\nAbstract:\n We develop a multi-sector Calvo
  model with intermediate inputs to study the quantitative importance of het
 erogeneities in price rigidities, sector size, and input-output linkages an
 d their interaction for the real effects of monetary policy shocks. We show
  theoretically real effects are bigger if the share of intermediate inputs 
 is high or if sticky-price sectors are important suppliers to the rest of t
 he economy, to flexible-price sectors, or to large sectors. Quantitatively,
  heterogeneity in input-output linkages contributes only marginally to the 
 real effects of monetary policy shocks, whereas heterogeneity in the freque
 ncy of price adjustment creates large real effects of nominal shocks. Diffe
 rences in consumption shares have an economically important effect on the t
 otal real effects. To reach those conclusions, we calibrate a 350-sector ve
 rsion of the model to the input-output tables from the Bureau of Economic A
 nalysis and the micro-data underlying the producer price index from the Bur
 eau of Labor Statistics to reach those conclusions. A less granular calibra
 tion with only 58 sectors understates the real effects of monetary policy b
 y 25%, with a similar impact response of inflation. The large real effects 
 reflect heterogeneity in price markups due to the different heterogeneities
  and a higher average level of markups, fully driven by the product market 
 wedge.\n
DTSTAMP:20260409T043209Z
DTSTART:20160610T130000Z
DTEND:20160610T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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