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BEGIN:VEVENT
DTSTAMP:20260503T005736Z
DTSTART;VALUE=DATE-TIME:20240314T140000
DTEND;VALUE=DATE-TIME:20240314T150000
SUMMARY:Macro/International Seminar - Marta Morazzoni (UCL)
TZID:Europe/London
UID:20240314-8a1785d7898c29940189b06532af0ee3@warwick.ac.uk
CREATED:20240228T140508Z
DESCRIPTION:Title of paper: Monetary Policy in a Multimarket Economy: The
  Role of Demand and Adjustment Costs. Here is an abstract: What is the r
 ole of demand elasticities and price adjustment costs in shaping the het
 erogeneous response of firms’ markups to monetary policy shocks? In this
  paper\, we build a novel heterogeneous firms New Keynesian model where 
 markups evolve endogenously over firms’ life cycle\, which we further en
 rich with firm-specific price rigidities and a multi-market structure. C
 rucially\, firms’ growth is market-specific\, leading to heterogeneous s
 ize and markup distributions on different markets. Since markets cannot 
 be identified in the data\, we show that market shares are badly proxied
  by firm size and can instead be empirically related to firm age. This i
 s consistent with evidence that old firms in Compustat have a more count
 ercyclical markup response after an unexpected contractionary monetary p
 olicy shock. Our framework predicts that dominant firms on each market f
 ace a more inelastic demand\, which implies a lower pass-through rate fr
 om costs to prices\, but also higher costs to adjust prices. Therefore\,
  after a contractionary monetary policy shock\, dominant firms pass less
  the reduction in marginal costs to prices compared to competitors\, and
  increase their markups by more\, as we document empirically. Both margi
 ns point towards important implications for monetary policy transmission
  and amplification.
LOCATION:S2.79
CATEGORIES:Macro/International Seminar
LAST-MODIFIED:20240228T140508Z
ORGANIZER;CN=Gill Gudger:
END:VEVENT
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