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“The Cross-Sectional Distribution of Price Stickiness and Inflation Stability” by Dr. Woong Yong Park
7Nov

“The Cross-Sectional Distribution of Price Stickiness and Inflation Stability” by Dr. Woong Yong Park

Wednesday, 7 November 2018 | 4:30 p.m. - 6 p.m.
Room 910, K.K. Leung Building, HKU
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Economics Seminar
Author:
  • Woong Yong Park
    Seoul National University

     

 

A leading explanation for the Great Inflation and the subsequent Great Moderation in the post-war US economy is a systematic shift in monetary policy, from a passive to an active one. Much of the literature however relies on a common underlying assumption: there is little cross-sectional heterogeneity in price stickiness across goods. We find that, in an economy with a realistic cross-sectional distribution of the frequency of price changes (Nakamura and Steinsson 2008), i) the central bank can achieve a unique stable equilibrium with much weaker responses to inflation and ii) the systematic change in the policy rule observed in the data may have nothing to do with eliminating self-fulfilling driven fluctuations. This paper therefore provides a cautionary tale and urges researchers to interpret their results with a caution when their analysis is built on the (often implicit) homogenous-frequency assumption.

"How Does Low for Long Impact Credit Risk Premia?" by Professor Antje BerndtWednesday, 7 November 2018
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“The Cross-Sectional Distribution of Price Stickiness and Inflation Stability” by Dr. Woong Yong Park
Wednesday, 7 November 20184:30 p.m. - 6 p.m.
Room 910, K.K. Leung Building, HKU
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