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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:Non-Constant Demand Elasticities, Firm Dynamics and Monetary Non-Neutrality
 : Role of Demand Shocks\n\n\nAbstract:\nWe develop a simple menu-cost model
  with non-constant elasticity of demand that features idiosyncratic product
 ivity and demand shocks. The model is calibrated to match firm-level produc
 tivity and demand processes estimated from U.S. data. Despite its simplicit
 y, the calibrated model delivers untargeted pricing dynamics and a markup d
 istribution that are consistent with U.S. micro data. Moreover, it also gen
 erates sizable monetary non-neutrality that rivals more complicated alterna
 tive menu cost models that explicitly target pricing dynamics. The key in r
 econciling firm and pricing dynamics comes from the interaction between non
 -constant elasticity of demand and idiosyncratic demand shocks. Thus, this 
 framework effortlessly unifies pricing, markup, and firm dynamics.\n
DTSTAMP:20260426T225929Z
DTSTART:20241104T163000Z
DTEND:20241104T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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