汉青论坛第306期：6月3日王子健PhD Candidate


本期主题：Rational Inattention, Financial Constraint and
Monetary Non-neutrality
摘要：
This paper explores the interaction between financial friction and information friction when firms set prices under rational inattention. Facing both nominal aggregate demand shock and idiosyncratic productivity shock, firms with binding financial constraint pay weakly more attention to aggregate shock than unconstrained firms due to strategic complementarity in their pricing decision. Using recent survey data, I find new cross-sectional facts that are consistent with the model\'s predictions regarding firm\'s attention to different macroeconomic variables. Though, constrained firms have advantageous attention level towards aggregate condition, their price response to monetary shock is not necessarily faster than unconstrained firms, due to the presence of real rigidity. Generally, monetary non-neutrality is decreasing with the fraction of constrained firms. However, if aggregate volatility is sufficiently large, monetary non-neutrality in the short run can be amplified by the fraction of constrained firms. I provide quantitative calibration disciplined by recent survey data to show the non-neutrality of money under both financial friction and information friction.


报告人：王子健PhD Candidate, 意大利博科尼大学
时间：6月3日（周三） 12：00
线上直播
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报告人简介：
Zijian Wang is currently a PhD candidate at Bocconi University (Milan, Italy). He received a Masters in Research Methods (MRes) in Economics from the University College London (London, UK) and an MSc in Economics from the University of Warwick (Coventry, UK). His research interests are in the areas of Macroeconomics, Information Economics and Monetary Economics.