V Midrigan - Manuscript, New York University, 2006 - files.nyu.edu
Abstract Golosov and Lucas have recently argued that a menu cost model, when made
consistent with salient features of the micro-data, predicts approximate monetary neutrality. I
argue here that their model misses, in fact, two important features of the data. First, the ...
PJ Kehoe, V Midrigan… - 2007 - minneapolisfed.org
In the data, a sizable fraction of price changes are temporary price reductions referred to as
sales. Existing models include no role for sales. Hence, when confronted with data in which a
large fraction of price changes are sales related, the models must either exclude sales ...
G Alessandria, JP Kaboski… - IMF Economic …, 2010 - palgrave-journals.com
Abstract This paper examines the role of inventories in the decline of production, trade, and
expenditures in the United States in the economic crisis of late 2008 and 2009. Empirically,
the paper shows that international trade declined more drastically than trade-weighted ...
V Midrigan… - 2010 - nber.org
We study a model of industry dynamics in which idiosyncratic risk is uninsurable and
establishments are subject to a financing constraint. We ask: does the model, when
parameterized to match salient characteristics of plant-level data (Colombia and South ...
PJ Kehoe… - 2010 - nber.org
Recent studies say prices change every four months. Economists have interpreted this high
frequency as evidence against the importance of sticky prices for the monetary transmission
mechanism. Theory implies that if most price changes are regular, as they are in the ...
Fixed transaction costs and delivery lags are important costs of international trade. These
costs lead firms to import infrequently and hold substantially larger inventories of imported
goods than domestic goods. Using multiple sources of data, we document these facts. We ...
PJ Kehoe… - 2008 - nber.org
In the data, prices change both temporarily and permanently. Standard Calvo models focus
on permanent price changes and take one of two shortcuts when confronted with the data:
drop temporary changes from the data or leave them in and treat them as permanent. We ...
O Kryvtsov… - 2009 - nber.org
Real rigidities that limit the responsiveness of real marginal cost to output are a key
ingredient of sticky price models necessary to account for the dynamics of output and
inflation. We argue here, in the spirit of Bils and Kahn (2000), that the behavior of marginal ...
PJ Kehoe… - Federal Reserve Bank of Minneapolis Working …, 2007 - mpls.frb.org
ABSTRACT The classic explanation for the persistence and volatility of real exchange rates
is that they are the result of nominal shocks in an economy with sticky goods prices. A key
implication of this explanation is that if goods have differing degrees of price stickiness ...
V Midrigan… - 2011 - papers.ssrn.com
Abstract: A salient feature of the recent recession is that regions that haveexperienced the
largest changes in household leverage have alsoexperienced the largest declines in output
and employment. We study acash-in-advance economy in which home equity borrowing, ...
V Midrigan - Econometrica, 2011 - Wiley Online Library
Golosov and Lucas recently argued that a menu-cost model, when made consistent with
salient features of the microdata, predicts approximate monetary neutrality. I argue here that
their model misses, in fact, two important features of the data. First, the distribution of the ...
O Kryvtsov… - Journal of the Japanese and International …, 2010 - Elsevier
Kryvtsov and Midrigan (2008) study the behavior of inventories in an economy with menu
costs, fixed ordering costs and the possibility of stockouts. This paper extends their analysis
to a richer setting that is capable of more closely accounting for the dynamics of the US ...
V Midrigan - Department of Economics, Ohio State University mimeo, 2005 - 129.3.20.41
Abstract If firm pricing is state, rather than time-dependent, firms are more likely to change
prices whenever aggregate and idiosyncratic shocks reinforce each other and trigger
desired price changes in the same direction. The distribution of idiosyncratic shocks ...
V Midrigan - Journal of Monetary Economics, 2007 - Elsevier
Menu-cost models predict a hump-shaped relationship between real and nominal exchange
rate volatility. The hump occurs at higher values of nominal exchange rate volatility, the
higher trade costs and lower international substitution elasticities are. These predictions ...
V Midrigan… - New York University, mimeo. III Investment, 2009 - nber.org
Abstract We use panel data for Korean Manufacturing plants to document substantial
dispersion in the average product of capital, three times greater than dispersion in the
average product of other factors. If one interprets this as evidence of misallocation ( ...
[CITATION] Menu Costs
V Midrigan - Multi Product Firms and Aggregate Fluctuations, …, 2008
[CITATION] Sticky prices and real exchange rates in the cross-section
P Kehoe… - Photocopy, Department of Economics, New York …, 2007
[CITATION] VMenu costs
V Midrigan - Multi $ Product Firms, and Aggregate Fluctua $ tionsV …, 2008
V Midrigan - The Review of Economics and Statistics, 2010 - MIT Press
Abstract If pricing is state dependent, firms are more likely to adjust whenever aggregate and
idiosyncratic shocks reinforce each other and trigger desired price changes in the same
direction. Using measures of technology shocks derived from production function ...
[CITATION] VThe Great Trade Collapse of 2008&09: An Inventory Adjustment
[CITATION] Finance and misallocation
V Midrigan… - 2009 - NYU Working Paper
V Midrigan - 2008 - nber.org
This paper allows for endogenous producer entry in an otherwise stan dard sticky price
model and uses this framework in order to study opti mal monetary policy and business
cycle fluctuations. The authors find that in this environment optimal monetary policy should ...
G Alessandria, J Kaboski… - Philadelphia Fed, Ohio State …, 2007 - app.ny.frb.org
Abstract Fixed transaction costs and delivery lags in the face of uncertain demand constitute
important costs of international trade. Given these costs, firms import infrequently and hold
substantially larger inventories of imported goods relative to domestic goods. Using ...
Abstract: The authors examine the source of the large fall and rebound in US trade in the
recent recession. While trade fell and rebounded more than expenditures or production of
traded goods, they find that relative to the magnitude of the downturn, these trade ...
[CITATION] Forthcoming.“Inventories, Lumpy Trade, and Large Devaluations.”
G Alessandria, J Kaboski… - American Economic Review
PJ Kehoe… - Federal Reserve Bank of Minneapolis …, 2007 - files.nyu.edu
ABSTRACT The classic explanation for the persistence and volatility of real exchange rates
is that they are the result of nominal shocks in an economy with sticky goods prices. A key
implication of this explanation is that if goods have differing degrees of price stickiness ...
T Philippon… - 2011 - nber.org
A salient feature of the recent US recession is that output and employment have declined
more in regions (states, counties) where household leverage had increased more during the
credit boom. This pattern is difficult to explain with standard models of financing frictions. ...
C Edmond, V Midrigan… - 2011 - emlab.berkeley.edu
Abstract We study product-level data for Taiwanese manufacturing establishments through
the lens of a model with endogenously variable markups. The model predicts large gains
from international trade: moving from autarky to a 0.10 import share implies an increase in ...
[CITATION] Inventories, Lumpy Trade, and
G Alessandria, J Kaboski… - 2008
[CITATION] Competition and markups: Micro evidence and aggregate implications
C Edmond, V Midrigan… - Presentation for the July, 2006
V Midrigan - Evidence from the US Manufacturing, 2007 - files.nyu.edu
Abstract If firm pricing is state, rather than time-dependent, firms are more likely to change
prices whenever aggregate and idiosyncratic shocks reinforce each other and trigger
desired price changes in the same direction. The distribution of idiosyncratic shocks ...
[CITATION] The Great Trade Collapse of 2008-09: An Inventory Adjustment?
J Kaboski… - Working Papeer2010, 2010
V Midrigan - econstor.eu
Zusammenfassung: I employ a large set of scanner price data collected in retail stores to
document that (i) although the average magnitude of price changes is large, a substantial
number of price changes are small in absolute value;(ii) the distribution of non-zero price ...
V Midrigan… - 2011 - cepr.org
A salient feature of the recent US recession is that output and employment have declined
more in regions (states, counties) where household leverage had increased more during the
credit boom. This pattern is difficult to explain with standard models of financing frictions. ...
V Midrigan, B Dupor, P Evans, P Kehoe, M Mir… - 2006 - Citeseer
Abstract This paper uses scanner price data collected in retail stores to document that (i)
although the average magnitude of price changes is large, a substantial number of price
changes are small in absolute value;(ii) the distribution of non-zero price changes has fat ...
V Midrigan - NBER Book Chapter, 2011 - papers.ssrn.com
This paper offers an excellent survey of recent empirical work studying the comovement
between prices, costs and nominal shocks. In addition, the paper presents interesting new
evidence that sheds light on the mechanisms that account for the sluggish response of ...
[CITATION] Macroeconomics (ESSIM) 2008
O Kryvtsov… - 2007 - eea-esem.com
Abstract We examine the general equilibrium implications of an Aguirregabiria (1999)% type
economy, in which firms are subject to fixed cost of price% and inventory% adjustment that is
capable of generating infrequent orders and price changes observed in the data. We ask ...
This appendix presents additional empirical, theoretical, and quantitative results. First, we
show that lumpiness in the trade data is not driven by seasonalities and is pervasive across
many goods. Next, we present a simplified model that yields closed form results for pricing ...
V Midrigan - 2004 Meeting Papers, 2004 - ideas.repec.org
Studies of disaggregated price data document a robust, positive relationship between
nominal exchange rate (NER) volatility and the variability of relative prices for cities
separated by national borders. This relationship is interpreted as evidence of sticky prices. ...
Abstract: Fixed transaction costs and delivery lags are important costs of international trade.
These costs lead firms to import infrequently and hold substantially larger inventories of
imported goods than domestic goods. Using multiple sources of data, the authors ...
[CITATION] Comments on “In Search of Real Rigidities" by Gopinath and Itskhoki
V Midrigan - 2010
Abstract The large, persistent fluctuations in international trade that can not be explained in
standard models by either changes in expenditures or relative prices are often attributed to
trade wedges. We shows that these trade wedges can reflect the decisions of importers to ...
V Midrigan - 2006 - etd.ohiolink.edu
G ALESSANDRIA, FR BANK… - Postal …, 2011 - wipo.uni-osnabrueck.de
The chapter examines the large fall and rebound in US trade in the recent recession. While
trade fell and rebounded more than expenditure or production of traded goods, relative to
the magnitude of the downturn these trade fluctuations were actually in line with those in ...
V Midrigan - 2011 - nber.org
This paper offers an excellent survey of recent empirical work studying the comovement
between prices, costs and nominal shocks. In addition, the paper presents interesting new
evidence that sheds light on the mechanisms that account for the sluggish response of ...
C Edmond, O Kryvtsov&… - 2009 - webmeets.com
Abstract A pervasive prediction of business cycle models is that investment by firms in
durable goods (capital, inventories) is highly sensitive to fluctuations in real interest rates
(Thomas 2002, House 2007, Kryvtsov and Midrigan 2008). This prediction stands in sharp ...
V Midrigan - Conference Series;[Proceedings], 2008 - ideas.repec.org
The author discusses: the challenges the wealth of micro-data has posed to
macroeconomists and some of the progress made to address these; the fact that an
important number of price changes in the data are temporary discounts (sales); and the ...
GAJP Kaboski… - aeaweb.org
Our goal is to understand the substantial drop and rebound in international trade by the US1
in the period 2008 to 2010. Relative to the movements in either production or absorption of
traded goods, changes in trade flows in this period were quite large. For instance, from ...
G Alessandria, J Kaboski… - 2012 - carnegie-rochester.rochester.edu
Abstract The large, persistent fluctuations in international trade that can not be explained in
standard models by changes in either expenditures or relative prices are often attributed to
trade wedges. We show that these trade wedges can reflect the decisions of importers to ...
[CITATION] International Price Dispersion in State-Dependent Pricing Models Technical Appendix
V Midrigan - 2007
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