| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5387 |
| DP5387 How the Eurosystem?s Treatment of Collateral in its Open Market Operations Weakens Fiscal Discipline in the Eurozone (and what to do about it) | |
| Willem Buiter; Anne Sibert | |
| 发表日期 | 2005-12-07 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper explores the role of stabilization policy in a model where firm entry responds to shocks and uncertainty. We evaluate stabilization policy in the context of a simple analytically solvable sticky price model, where firms have to prepay a fixed cost of entry. The presence of endogenous entry can alter the dynamic response to shocks, leading to greater persistence in the effects of monetary and real shocks. Entry affects welfare, depending on the love of variety in consumption and investment, as well as its implications for market competitiveness. In this context, monetary policy has an additional role in regulating the optimal number of entrants, as well as the optimal level of production at each firm. We find that the same monetary policy rule optimal for regulating the scale of production in familiar sticky price models without entry, also generates the amount of (endogenous) entry corresponding to a flex-price equilibrium. |
| 主题 | International Macroeconomics |
| 关键词 | Productivity monetary policy Market dynamics |
| URL | https://cepr.org/publications/dp5387 |
| 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/534252 |
| 推荐引用方式 GB/T 7714 | Willem Buiter,Anne Sibert. DP5387 How the Eurosystem?s Treatment of Collateral in its Open Market Operations Weakens Fiscal Discipline in the Eurozone (and what to do about it). 2005. |
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