Simone Lenzu
@SimoneLenzuAssistant Prof of Finance @NYUStern @nyuniversity. PhD @UChicago. Finance/Applied Macro/Productivity/Spatial Econ. 🇮🇹 from Sardinia, finoallafine @JuventusFC
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Economists have long hypothesized that firm’s spatial proximity may generate productivity spillovers. How large are externalities & how broad is their reach? New insights in our new ECMA paper: role of firms’ plant-level networks & industrial policy 🚨 #econtwitter @ecmaEditors
Econometrica Volume 92, Issue 5 (September 2024) is now online econometricsociety.org/publications/e…
The presentation is on Wednesday, July 10 at 12:00. Thanks for reading and looking forward to seeing you there! 14/14
Finally, we propose a “Nonlinear Calvo model” embedding nonlinearities in a tractable framework. Combines Caballero-Engel's inflation formula, quadratic hazard function, Calvo-like reset price equation. It has an analytical solution for inflation! 12/14
Quantitative exercise: Construct a measure of aggregate marginal cost and feed it into the model as a sequence of impulse responses. The menu-cost model captures well both amplitude and cyclicality of inflation, in both high and low inflation regimes. 10/14
Micro fact #3) At the firm level, prices are nonlinear in reset gaps, leading to a steeper slope of the NKPC when the distribution of gaps shifts. 8/14
Micro-to-macro fact #4) The nonlinearities at the firm level result in a nonlinear relation between aggregate inflation and aggregate frequency. 9/14
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