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https://hdl.handle.net/20.500.11851/8585
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DC Field | Value | Language |
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dc.contributor.author | Özmen, Mustafa Utku | - |
dc.contributor.author | Tuğan M. | - |
dc.date.accessioned | 2022-07-30T16:41:49Z | - |
dc.date.available | 2022-07-30T16:41:49Z | - |
dc.date.issued | 2022 | - |
dc.identifier.citation | Özmen, M. U., & Tuğan, M. (2022). Heterogeneity in sectoral price and quantity responses to shocks to monetary policy. Journal of Macroeconomics, 103439. | en_US |
dc.identifier.issn | 0164-0704 | - |
dc.identifier.uri | https://doi.org/10.1016/j.jmacro.2022.103439 | - |
dc.identifier.uri | https://hdl.handle.net/20.500.11851/8585 | - |
dc.description.abstract | This paper investigates the sectoral price and quantity responses to an exogenous interest rate shock in the United States. It has two main findings. First, an interest rate shock causes strong relative price effects in a non-negligible number of sectors whose price responses to the shock differ broadly from those of the aggregate. More importantly, such effects are present even four years after the shock. Second, sectoral differences in the frequency of price changes are only weakly associated with the sectoral price and quantity responses. We show that a multi-sector model equipped with a working-capital channel, sticky wages, and sectoral heterogeneity in the frequency of price changes and the structure of production costs can explain these two findings. © 2022 Elsevier Inc. | en_US |
dc.description.sponsorship | University of British Columbia, UBC | en_US |
dc.description.sponsorship | Mustafa Tuğan owes many thanks to Andrea Tambalotti for sharing his mapping between the personal consumption expenditure categories and sectoral frequencies of price adjustments. In addition, we would like to thank Paul Beaudry, Ali Lazrak, Amartya Lahiri, Hafedh Bouakez, Lorenzo Garlappi, Natasha D'Souza, Viktoria Hnatkovska, Yaniv Yedid-Levi, seminar participants at Istanbul Technical University, Middle East Technical University, TOBB University of Economics and Technology, and the University of British Columbia, the editor William Lastrapes, and the anonymous referee for their insightful comments on the paper. All remaining errors are ours. | en_US |
dc.language.iso | en | en_US |
dc.publisher | Elsevier Ltd | en_US |
dc.relation.ispartof | Journal of Macroeconomics | en_US |
dc.rights | info:eu-repo/semantics/closedAccess | en_US |
dc.subject | Differences in sectoral labor shares | en_US |
dc.subject | Sectoral frequency of price changes | en_US |
dc.subject | Sectoral heterogeneity in front-loading | en_US |
dc.subject | Shocks to monetary policy | en_US |
dc.title | Heterogeneity in Sectoral Price and Quantity Responses To Shocks To Monetary Policy | en_US |
dc.type | Article | en_US |
dc.department | Fakülteler, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü | en_US |
dc.department | Faculties, Faculty of Economics and Administrative Sciences, Department of Economics | en_US |
dc.identifier.volume | 73 | en_US |
dc.identifier.wos | WOS:000807844800003 | en_US |
dc.identifier.scopus | 2-s2.0-85131136971 | en_US |
dc.institutionauthor | Özmen, Mustafa Utku | - |
dc.identifier.doi | 10.1016/j.jmacro.2022.103439 | - |
dc.authorscopusid | 56903843400 | - |
dc.authorscopusid | 57193195118 | - |
dc.relation.publicationcategory | Makale - Uluslararası Hakemli Dergi - İdari Personel ve Öğrenci | en_US |
dc.identifier.scopusquality | Q2 | - |
item.openairetype | Article | - |
item.languageiso639-1 | en | - |
item.grantfulltext | none | - |
item.fulltext | No Fulltext | - |
item.openairecristype | http://purl.org/coar/resource_type/c_18cf | - |
item.cerifentitytype | Publications | - |
Appears in Collections: | İktisat Bölümü / Department of Economics Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection WoS İndeksli Yayınlar Koleksiyonu / WoS Indexed Publications Collection |
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