复兴微观实际刚性：需求冲击的重要性
Reviving Micro Real Rigidities: The Importance of Demand Shocks
浏览论文内容
中文总结 AI 辅助
该研究在含可变加成的菜单成本模型中，结合企业层面证据，校准嵌入非CES需求系统的定量货币模型，证实异质性需求冲击对货币非中性的关键作用，构建了联系货币经济学与贸易、IO的可迁移框架。
中文摘要 AI 辅助
我们在具有可变加成的菜单成本模型中重新审视微观实际刚性作为货币非中性的来源，利用企业层面证据确定关键基本要素。我们将非CES需求系统嵌入定量货币模型，并使用企业动态证据识别需求曲率、企业层面生产率和需求过程。校准后的模型匹配未作为目标的微观定价矩、加成分布和成本传递，同时产生可比的非中性效应。关键创新在于基于实证支持的异质性需求冲击的位置，该冲击会移动剩余需求，从而在非CES需求下改变期望加成和价格。更广泛的意义是，该校准后的模型提供了一个可迁移的框架，将货币经济学与贸易和产业组织（IO）证据联系起来。
英文摘要
We revisit micro real rigidities as a source of monetary non-neutrality in a menu-cost model with variable markups, using firm-level evidence to pin down key primitives. We embed a non-CES demand system in a quantitative monetary model and use firm-dynamics evidence to identify demand curvature and firm-level productivity and demand processes. The calibrated model matches untargeted micro pricing moments, the markup distribution, and cost pass-through, while generating comparable non-neutrality. The key innovation is an empirically supported placement of idiosyncratic demand shocks that shifts residual demand, thereby moving desired markups and prices under non-CES demand. The broader implication is that this calibrated model provides a portable framework linking monetary economics with trade and IO evidence.
