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摘要
This article studies how to employ aggregate data to estimate sectoral price stickiness, which is described by the Calvo-style price setting. We find that sectoral price stickiness cannot be effectively estimated by the Bayesian approach of the multi-sector new Keynesian model that is used in Carvalho and Dam (2010). Then, we propose a structural GMM estimation of sectoral new Keynesian Phillips curves to obtain sectoral price stickiness and the results are well consistent with the available microeconomic evidence on price setting.
