财政与货币金融教研室学术讲座

报告题目：Synchronization Risk and Price Stickiness: Evidence and Theory

报  告 人：宋恒旭（暨南大学经济学院金融系 助理教授）

主  持 人：由林青（中山大学岭南学院 助理教授）

时      间：2024年12月24日（周二）16:00

地      址：岭南堂汪道涵会议室（101）

语      言：中文

摘要：

Using online consumer review data, we find that when customers observe a firm charging a lower price than they previously paid for the same item, they feel antagonized and give the firm low ratings, leading to reputation costs for the firm. In particular, the firm’s reputation costs are higher if it adjusts its price more quickly than other firms. Based on the empirical findings, we build a model to characterize the optimal timing for firms to adjust their prices, providing a microfoundation for price stickiness. In an environment with information frictions about how an aggregate shock affects the economy, individual firms face uncertainty about when their peers will adjust prices. This synchronization risk leads all individual firms to rationally choose to postpone price changes. Our model predicts both synchronized and unsynchronized price adjustments, depending on the degree of information frictions. The model provides a number of other predictions, which are consistent with the evidence documented in the literature.

报告人简历：

      宋恒旭，暨南大学经济学院金融系助理教授、硕士生导师。北京大学经济学博士。研究领域为宏观经济学，主要关注宏观金融、货币政策、区域产业发展等问题。研究成果发表在Regional Studies、Economic Modelling、China & World Economy、《经济学动态》等学术期刊。论文成果获“北京大学优秀博士学位论文”。

      欢迎师生参加！