{"id":"https://openalex.org/W4393332344","doi":"https://doi.org/10.1257/mac.20210460","title":"Sectoral Heterogeneity in Nominal Price Rigidity and the Origin of Aggregate Fluctuations","display_name":"Sectoral Heterogeneity in Nominal Price Rigidity and the Origin of Aggregate Fluctuations","publication_year":2024,"publication_date":"2024-03-29","ids":{"openalex":"https://openalex.org/W4393332344","doi":"https://doi.org/10.1257/mac.20210460"},"language":"en","primary_location":{"id":"doi:10.1257/mac.20210460","doi":"https://doi.org/10.1257/mac.20210460","is_oa":false,"landing_page_url":"https://doi.org/10.1257/mac.20210460","pdf_url":null,"source":{"id":"https://openalex.org/S170166683","display_name":"American Economic Journal Macroeconomics","issn_l":"1945-7707","issn":["1945-7707","1945-7715"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315912","host_organization_name":"American Economic Association","host_organization_lineage":["https://openalex.org/P4310315912"],"host_organization_lineage_names":["American Economic Association"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"American Economic Journal: Macroeconomics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5042876529","display_name":"Ernesto Past\u00e9n","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210092408","display_name":"Toulouse School of Economics","ror":"https://ror.org/00ff5f522","country_code":"FR","type":"education","lineage":["https://openalex.org/I1294671590","https://openalex.org/I4210092408"]},{"id":"https://openalex.org/I4388482727","display_name":"Banco Central de Chile","ror":"https://ror.org/005fmqz30","country_code":"CL","type":"government","lineage":["https://openalex.org/I4388482727"]}],"countries":["CL","FR"],"is_corresponding":false,"raw_author_name":"Ernesto Past\u00e9n","raw_affiliation_strings":["Central Bank of Chile and Toulouse School of Economics (email: )"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Central Bank of Chile and Toulouse School of Economics (email: )","institution_ids":["https://openalex.org/I4210092408","https://openalex.org/I4388482727"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5034939127","display_name":"Raphael Schoenle","orcid":"https://orcid.org/0000-0001-9017-9849","observed_orcids":["https://orcid.org/0000-0001-9017-9849"]},"institutions":[{"id":"https://openalex.org/I6902469","display_name":"Brandeis University","ror":"https://ror.org/05abbep66","country_code":"US","type":"education","lineage":["https://openalex.org/I6902469"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Raphael Schoenle","raw_affiliation_strings":["Brandeis University (email: )"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Brandeis University (email: )","institution_ids":["https://openalex.org/I6902469"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5054976699","display_name":"Michael Weber","orcid":"https://orcid.org/0000-0002-6467-0252","observed_orcids":["https://orcid.org/0000-0002-6467-0252"]},"institutions":[{"id":"https://openalex.org/I40347166","display_name":"University of Chicago","ror":"https://ror.org/024mw5h28","country_code":"US","type":"education","lineage":["https://openalex.org/I40347166"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Michael Weber","raw_affiliation_strings":["Booth School of Business, University of Chicago and NBER (email: )"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Booth School of Business, University of Chicago and NBER (email: )","institution_ids":["https://openalex.org/I40347166"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":9.3877,"has_fulltext":false,"cited_by_count":22,"citation_normalized_percentile":{"value":0.97933929,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":99},"biblio":{"volume":"16","issue":"2","first_page":"318","last_page":"352"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9740999937057495,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9740999937057495,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.020999999716877937,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.002199999988079071,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/nominal-price-rigidity","display_name":"nominal price rigidity","score":0.9649999737739563},{"id":"https://openalex.org/keywords/sectoral-heterogeneity","display_name":"sectoral heterogeneity","score":0.984000027179718},{"id":"https://openalex.org/keywords/aggregate-fluctuations","display_name":"aggregate fluctuations","score":0.9649999737739563},{"id":"https://openalex.org/keywords/output-volatility","display_name":"output volatility","score":0.9549999833106995},{"id":"https://openalex.org/keywords/central-sector","display_name":"central sector","score":0.3580000102519989}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.682485044002533},{"id":"https://openalex.org/C4679612","wikidata":"https://www.wikidata.org/wiki/Q866298","display_name":"Aggregate (composite)","level":2,"score":0.6358025074005127},{"id":"https://openalex.org/C160343418","wikidata":"https://www.wikidata.org/wiki/Q185256","display_name":"Rigidity (electromagnetism)","level":2,"score":0.6351199150085449},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5641632080078125},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3633565306663513},{"id":"https://openalex.org/C192562407","wikidata":"https://www.wikidata.org/wiki/Q228736","display_name":"Materials science","level":0,"score":0.11450991034507751},{"id":"https://openalex.org/C171250308","wikidata":"https://www.wikidata.org/wiki/Q11468","display_name":"Nanotechnology","level":1,"score":0.055262863636016846},{"id":"https://openalex.org/C159985019","wikidata":"https://www.wikidata.org/wiki/Q181790","display_name":"Composite material","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1257/mac.20210460","doi":"https://doi.org/10.1257/mac.20210460","is_oa":false,"landing_page_url":"https://doi.org/10.1257/mac.20210460","pdf_url":null,"source":{"id":"https://openalex.org/S170166683","display_name":"American Economic Journal Macroeconomics","issn_l":"1945-7707","issn":["1945-7707","1945-7715"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315912","host_organization_name":"American Economic Association","host_organization_lineage":["https://openalex.org/P4310315912"],"host_organization_lineage_names":["American Economic Association"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"American Economic Journal: Macroeconomics","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:aea:aejmac:v:16:y:2024:i:2:p:318-52","doi":null,"is_oa":false,"landing_page_url":"https://www.aeaweb.org/doi/10.1257/mac.20210460","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":9,"referenced_works":["https://openalex.org/W349361653","https://openalex.org/W2124091152","https://openalex.org/W2188284008","https://openalex.org/W2260725321","https://openalex.org/W2765215599","https://openalex.org/W2964403649","https://openalex.org/W3122067708","https://openalex.org/W3122854331","https://openalex.org/W3124656445"],"related_works":["https://openalex.org/W3002852064","https://openalex.org/W2885661028","https://openalex.org/W3001807583","https://openalex.org/W3124084922","https://openalex.org/W2598071040","https://openalex.org/W3122927531","https://openalex.org/W309402526","https://openalex.org/W4393450632","https://openalex.org/W2013716224","https://openalex.org/W4241134317"],"abstract_inverted_index":{"We":[0],"study":[1],"the":[2,24,44,57,73,83,91,94],"role":[3],"of":[4,59,93],"heterogeneity":[5,22],"in":[6,13,23,82],"nominal":[7],"price":[8,35],"rigidity":[9],"for":[10,98],"aggregate":[11,34,62,67,84,99],"fluctuations":[12],"a":[14],"model":[15],"with":[16],"sectoral":[17,21,52,60],"productivity":[18],"shocks.":[19],"Theoretically,":[20],"pricing":[25,87],"friction":[26,45],"has":[27],"an":[28],"ambiguous":[29],"effect":[30],"on":[31],"GDP":[32,39],"and":[33,64,69],"volatility.":[36],"Quantitatively,":[37],"(i)":[38],"volatility":[40,58],"is":[41,46],"amplified":[42],"when":[43],"heterogeneous":[47,86],"rather":[48],"than":[49],"homogeneous;":[50],"(ii)":[51],"shocks":[53,71],"can":[54],"jointly":[55],"rationalize":[56],"prices,":[61,63],"GDP,":[65],"unlike":[66],"shocks;":[68],"(iii)":[70],"to":[72],"largest":[74],"or":[75],"most":[76,95],"central":[77],"sectors":[78,97],"may":[79,89],"not":[80],"matter":[81],"as":[85],"frictions":[88],"alter":[90],"identity":[92],"important":[96],"fluctuations.":[100],"(JEL":[101],"E12,":[102],"E23,":[103],"E31,":[104],"E32)":[105]},"counts_by_year":[{"year":2026,"cited_by_count":3},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":7},{"year":2023,"cited_by_count":7},{"year":2021,"cited_by_count":1}],"updated_date":"2026-10-27T15:51:10.671819","created_date":"2024-03-30T00:00:00"}