Empirical Investigation of a Sufficient Statistic for Monetary Shocks
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In a broad class of sticky price models the non-neutrality of nominal shocks is encoded by a simple sufficient statistic: the ratio of the kurtosis of the size-distribution of price changes over the frequency of price changes. We test this theoretical prediction using data for a large number of
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美国国家经济研究局创建时间：
2021-11-01
