000			01227nam a22001577a 4500
999			_c517112 _d517112
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100			_aHuillier, Jean-Paul _926127
245			_aConsumer imperfect information and endogenous price rigidity
260			_aAmerican Economic Journal Macroeconomic
300			_a12(2), Apr, 2020: p.94-123
520			_aThis paper studies the propagation of monetary shocks in an economy featuring a strategic microfoundation for price rigidities. Following an aggregate shock to money, most consumers are initially uninformed. The market for goods is decentralized. Firms are better off delaying the adjustment of prices until enough consumers learn. At the same time, consumers learn from firms that have adjusted prices. The implied endogenous information diffusion follows a Bernoulli differential equation, implying a nonlinear path of learning. Nonlinear learning implies hump-shaped dynamics of output and inflation. A quantitative exercise suggests that these dynamics can be sizable and persistent. – Reproduced
650			_aFirm Behavior, Market Structure, Pricing _926128
773			_aAmerican Economic Journal Macroeconomic
906			_aCONSUMER ECONOMICS
942			_cAR