Dynamics of the Price Distribution in a General Model of State-Dependent Pricing

Anton Nakov and James Costain

No 611, 2009 Meeting Papers from Society for Economic Dynamics

Abstract: An increase in aggregate productivity raises consumption but causes labor to fall. Also, impulse responses differ depending on the distribution at the time the shock occurs. In particular, increased money growth has different effects starting from the steady state distribution than it does if all firms have recently received an economy-wide productivity shock.

Date: 2009
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Working Paper: Dynamics of the price distribution in a general model of state-dependent pricing (2009)
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