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This paper establishes that the ratio of kurtosis to the frequency of price changes is a sufficient statistic for the real effects of monetary shocks in sticky price models. It shows that models accounting for kurtosis can predict real effects that are significantly larger than those in traditional models like Golosov-Lucas and Calvo. The findings suggest that understanding the distribution of price changes is crucial for analyzing the impact of monetary policy on output.

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m66ns57fsg

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EN