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BEGIN:VEVENT
UID:17ebdce9f63d3bd99a0bcfabd6d5d246
CATEGORIES:Seminars
CREATED:20240708T130840
SUMMARY:Felipe Saffie - University of Virginia, Darden School of Business
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p class="page-header__title"><em><strong>Non-Constant Demand Elasticities,
  Firm Dynamics and Monetary Non-Neutrality: Role of Demand Shocks</strong><
 /em></p><p>Abstract:</p><p style="text-align: justify;">We develop a simple
  menu-cost model with non-constant elasticity of demand that features idios
 yncratic productivity and demand shocks. The model is calibrated to match f
 irm-level productivity and demand processes estimated from U.S. data. Despi
 te its simplicity, the calibrated model delivers untargeted pricing dynamic
 s and a markup distribution that are consistent with U.S. micro data. Moreo
 ver, it also generates sizable monetary non-neutrality that rivals more com
 plicated alternative menu cost models that explicitly target pricing dynami
 cs. The key in reconciling firm and pricing dynamics comes from the interac
 tion between non-constant elasticity of demand and idiosyncratic demand sho
 cks. Thus, this framework effortlessly unifies pricing, markup, and firm dy
 namics.</p>
DTSTAMP:20260426T230044Z
DTSTART:20241104T163000Z
DTEND:20241104T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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