Sectoral heterogeneity matters for monetary policy. Using CPI microdata, we estimate for 227 products a time–varying menu-cost model to investigate the quantitative relevance of this heterogeneity. We find a substantial degree of cross-sectoral heterogeneity in all structural parameters. Heterogeneity in the Calvo component of the pricing friction is however the main source of heterogeneity in price rigidity. Cross-sectoral heterogeneity amplifies the output effect of a monetary shock by a factor of about 2.5, compared to a single-sector model estimated with mean moments. Heterogeneity in the Calvo parameter plays a key role in this amplification.

中文翻译：

---

冲击与菜单成本：估计的多部门菜单成本模型中的价格刚性模式

部门异质性对货币政策很重要。使用 CPI 微观数据，我们估计了 227 种产品的时变菜单成本模型，以研究这种异质性的定量相关性。我们发现所有结构参数都存在很大程度的跨部门异质性。然而，定价摩擦的卡尔沃部分的异质性是价格刚性异质性的主要来源。与用平均矩估计的单部门模型相比，跨部门异质性将货币冲击的产出效应放大了约 2.5 倍。Calvo 参数的异质性在这种放大中起着关键作用。