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DTSTART;TZID=America/Argentina/Buenos_Aires:20260715T123000
DTEND;TZID=America/Argentina/Buenos_Aires:20260715T140000
DTSTAMP:20260713T143640Z
CREATED:20260703T150720Z
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UID:24347-1784118600-1784124000@economicas.uba.ar
SUMMARY:Seminario de Investigación | Pricing Mistakes and the Non-Neutrality of Money
DESCRIPTION:Expositor | Tomás Caravello | Massachusetts Institute of Technology \nAbstract \nUsing microdata from the UK and Argentina\, I document that sizes of consecutive price changes are negatively correlated\, and that this predictability increases with adjustment frequency. Standard sticky-price models (including random menu costs\, multiproduct firms\, imperfect or infrequent information\, and mean-reverting desired prices) cannot jointly match these facts\, while models with imperfect reset\, where choosing prices precisely is costly and there are ex-post mistakes\, can. In a model with endogenous inaction\, I show analytically that imperfect reset increases monetary non-neutrality\, and it can even exceed the standard theoretical upper bound. If reset can be imperfect\, standard pricing moments (frequency and kurtosis of price changes) alone cannot identify non-neutrality. I derive a generalized sufficient statistics result that restores identification by augmenting those moments with predictability coefficients. Accounting for imperfect reset increases inferred non-neutrality in the UK data by at least 60%. \nLink: https://www.dropbox.com/scl/fi/r6s8a50mgm1am2euw6lat/CaravelloJMP_Public.pdf?rlkey=xsgs9ypcejk5y16uqj5ed4tfl&st=xogdr1dt&e=1&dl=0 \nSobre el expositor \nTomás es estudiante de doctorado en Economía en el Massachusetts Institute of Technology (MIT). Obtuvo su licenciatura y maestría en Economía en la Universidad Torcuato Di Tella. Sus áreas de investigación abarcan la economía monetaria\, las macrofinanzas y la econometría de series de tiempo. \n  \nFCE-UBA| Aula Olivera
URL:https://economicas.uba.ar/iiep/eventos/seminario-de-investigacion-pricing-mistakes-and-the-non-neutrality-of-money/
CATEGORIES:Destacada,Seminario IIEP
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