| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4712 |
| DP4712 Welfare Effects of Intellectual Property in a North-South Model of Endogenous Growth with Comparative Advantage | |
| Gilles Saint-Paul | |
| 发表日期 | 2004-10-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This Paper proposes a markedly different transmission from monetary policy to the macroeconomy, focusing on how policy changes nominal inertia in the Phillips curve. Using recent theoretical developments, we examine the properties of a small, estimated US monetary model distinguishing four monetary regimes since the late 1950s. We find that changes in monetary policy are linked to shifts in nominal inertia, and that these improvements in supply-side flexibility are indeed the main channel through which monetary policy lowers the volatility of inflation and, even more importantly, output. |
| 主题 | Central Banking |
| 关键词 | monetary policy inflation Rational expectation models |
| URL | https://cepr.org/publications/dp4712 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533630 |
| 推荐引用方式 GB/T 7714 | Gilles Saint-Paul. DP4712 Welfare Effects of Intellectual Property in a North-South Model of Endogenous Growth with Comparative Advantage. 2004. |
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