セミナーシリーズ
マクロ経済学セミナー（2025.10.22）（京都大学経済研究所ミクロ経済学・ゲーム理論研究会、マクロ経済学・経済システム研究会と共催）
Joel Flynn（Assistant Professor at Yale University）
- 開催日：
- 2025年10月22日（水）17:00-18:30
- 場所：
- 京都大学 吉田キャンパス 経済研究所北館1階 N101/102室
- 言語：
- 英語
- コーディネーター：
- 西山 慎一
“What can Measured Beliefs Tell Us About Monetary Non-Neutrality? “
(with Hassan Afrouzi and Choongryul Yang)
Abstract:
This paper studies how measured beliefs can be used to identify monetary non-neutrality. In a general equilibrium model with both nominal rigidities and endogenous information acquisition, we analytically characterize firms’ optimal dynamic information policies and how their beliefs affect monetary non-neutrality. We then show that data on the cross-sectional distributions of uncertainty and pricing durations are both necessary and sufficient to identify monetary non-neutrality. Finally, implementing our approach in New Zealand survey data, we find that informational frictions approximately double monetary non-neutrality and endogeneity of information is important: models with exogenous information would overstate monetary non-neutrality by approximately 50%.