Corpus ID: 210941101

The Analytic Theory of a Monetary Shock

@inproceedings{lvarez2019TheAT,
  title={The Analytic Theory of a Monetary Shock},
  author={F. {\'A}lvarez and F. Lippi},
  year={2019}
}
We propose a new method to analyze the propagation of a once and for all shock in a broad class of sticky price models. The method is based on the eigenvalue-eigenfunction representation of the cross-sectional process for price adjustments and provides a thorough characterization of the entire impulse response function of any moment or function of interest, in response to a once-and-for-all aggregate shock (any displacement of the initial distribution). We use the method (i) to discuss a… Expand
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