研讨主题

Networks, Phillips Curves, and Monetary Policy (Econometrica. Rubbo. 2023)

主讲人

周鹤罡（金融学院2022级博士生）

上期回顾

We have shown that the output gap is proportional to the sales-weighted aggregate markup from Lemma 3. In a multi-sector economy, one can construct inflation rates and Phillips curves for each sector and then aggregate them in various ways. Building on this, we have demonstrated that, in sharp contrast to the one-sector benchmark,changes in productivity affect the residual,thereby creating a tradeoff between closing the output gap and eliminating inflation. This occurs at both the sector and aggregate levels, except when inflation is measured using a novel index called the divine coincidence index, as proposed by Definition 1.

本期预告

We will further elaborate on the properties of the aggregated Phillips curve in Proposition 1. Also, we will solve the industry-level Phillips curve in Proposition 2. Proposition 2 derives sector-level Phillips curves as a function of disaggregated input shares and price adjustment probabilities. Building on Proposition 2,Corollary 2 expresses the slope and residual of any aggregate Phillips curve as a function of the model primitives. Analytical expressions for the Phillips curve and welfare show that the slope of all sectoral and aggregate Phillips curves is decreasing in intermediate input shares, while productivity fluctuations endogenously generate an inflation-output tradeoff, except when inflation is measured according to the novel divine coincidence index.

时间

6月7日19:00-21:00

地点

学术会堂712

主持人/点评老师

王忏 明洋

活动对象

创新发展学院、金融学院学生

人数规模

30人

主办单位

创新发展学院中国经济与管理研究院、

金融学院联合主办

撰稿：周鹤罡

审稿：明洋

编辑：沈嘉怡

审核：王颖