Incomplete Cost Pass-Through Under Deep Habits
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A number of empirical studies document that marginal cost shocks are not fully passed through to prices at the firm level and that prices are substantially less volatile than costs. We show that in the relative-deep-habits model of Ravn, Schmitt-Grohe, and Uribe (2006), firm-specific marginal cost
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美国国家经济研究局创建时间：
2007-03-01
