Incomplete Information, Higher-Order Beliefs and Price Inertia
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This paper investigates who incomplete information impacts the response of prices to nominal shocks. Our baseline model is a variant of the Calvo model in which firms observe the underlying nominal shocks with noise. In this model, the response of prices is pinned down by three parameters: the
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美国国家经济研究局创建时间：
2009-05-01
