Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.11851/8585
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dc.contributor.authorÖzmen, Mustafa Utku-
dc.contributor.authorTuğan M.-
dc.date.accessioned2022-07-30T16:41:49Z-
dc.date.available2022-07-30T16:41:49Z-
dc.date.issued2022-
dc.identifier.citationÖzmen, 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.issn0164-0704-
dc.identifier.urihttps://doi.org/10.1016/j.jmacro.2022.103439-
dc.identifier.urihttps://hdl.handle.net/20.500.11851/8585-
dc.description.abstractThis 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.sponsorshipUniversity of British Columbia, UBCen_US
dc.description.sponsorshipMustafa 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.isoenen_US
dc.publisherElsevier Ltden_US
dc.relation.ispartofJournal of Macroeconomicsen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectDifferences in sectoral labor sharesen_US
dc.subjectSectoral frequency of price changesen_US
dc.subjectSectoral heterogeneity in front-loadingen_US
dc.subjectShocks to monetary policyen_US
dc.titleHeterogeneity in sectoral price and quantity responses to shocks to monetary policyen_US
dc.typeArticleen_US
dc.departmentFakülteler, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümüen_US
dc.departmentFaculties, Faculty of Economics and Administrative Sciences, Department of Economicsen_US
dc.identifier.volume73en_US
dc.identifier.wosWOS:000807844800003en_US
dc.identifier.scopus2-s2.0-85131136971en_US
dc.institutionauthorÖzmen, Mustafa Utku-
dc.identifier.doi10.1016/j.jmacro.2022.103439-
dc.authorscopusid56903843400-
dc.authorscopusid57193195118-
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - İdari Personel ve Öğrencien_US
dc.identifier.scopusqualityQ2-
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
item.grantfulltextnone-
item.fulltextNo Fulltext-
item.openairetypeArticle-
item.cerifentitytypePublications-
item.languageiso639-1en-
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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