Monetary Non-Neutrality in a Multi-Sector Menu Cost Model
---- Acknowledgements ----
We would like to thank Robert Barro for invaluable advice and encouragement. We would like to thank Dmitriy Sergeyev for excellent research assistance. We would also like to thank Alberto Alesina, Susanto Basu, Leon Berkelmans, Carlos Carvalho, Gauti Eggertsson, Mark Gertler, Mikhail Golosov, Oleg Itskhoki, Pete Klenow, John Leahy, Greg Mankiw, Virgiliu Midrigan, Ken Rogoff, Aleh Tsyvinski, Michael Woodford and seminar participants at numerous conferences and institutions for helpful discussions and comments. We are grateful to the Warburg Fund at Harvard University for financial support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.