000			02180cam a22003257 4500
001			w14001
003			NBER
005			20211020111805.0
006			m o d
007			cr cnu||||||||
008			210910s2008 mau fo 000 0 eng d
100	1		_aNakamura, Emi. _917406
245	1	0	_aMonetary Non-Neutrality in a Multi-Sector Menu Cost Model / _cEmi Nakamura, Jón Steinsson.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2008.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w14001
500			_aMay 2008.
520	3		_aEmpirical evidence suggests that as much as 1/3 of the U.S. business cycle is due to nominal shocks. We calibrate a multi-sector menu cost model using new evidence on the cross-sectional distribution of the frequency and size of price changes in the U.S. economy. We augment the model to incorporate intermediate inputs. We show that the introduction of heterogeneity in the frequency of price change triples the degree of monetary non-neutrality generated by the model. We furthermore show that the introduction of intermediate inputs raises the degree of monetary non-neutrality by another factor of three, without adversely affecting the model's ability to match the large average size of price changes. Our multi-sector menu cost model with intermediate inputs generates variation in real output in response to calibrated aggregate nominal shocks that can account for roughly 23% of the U.S. business cycle.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE30 - General _2Journal of Economic Literature class.
700	1		_aSteinsson, Jón. _921164
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w14001.
856	4	0	_uhttps://www.nber.org/papers/w14001
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w14001
942			_2ddc _cW-PAPER
999			_c334122 _d292684