Boston Fed: Real rigidities dampen exchange rate shocks
A Boston Federal Reserve Bank paper published on 23 July evaluates the importance of real rigidities in price setting.
Real rigidities are mechanisms that dampen price responses of firms because of factors such as strategic complementarities in price setting. Gita Gopinath and Oleg Itskhoki, the two authors, bring together the closed economy macro literature, which focuses mainly on indirect tests of real rigidities, with the international pricing literature, which uses an observable and
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