| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5727 |
| DP5727 Financial Innovations and Macroeconomic Volatility | |
| Vincenzo Quadrini; Urban Jermann | |
| 发表日期 | 2006-06-20 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | A vast empirical literature has documented delayed and persistent effects of monetary policy shocks on output. We show that this finding results from the aggregation of output impulse responses that differ sharply depending on the timing of the shock: When the monetary policy shock takes place in the first two quarters of the year, the response of output is quick, sizable, and dies out at a relatively fast pace. In contrast, output responds very little when the shock takes place in the third or fourth quarter. We propose a potential explanation for the differential responses based on uneven staggering of wage contracts across quarters. Using a stylized dynamic general equilibrium model, we show that a very modest amount of uneven staggering can generate differences in output responses similar to those found in the data. |
| 主题 | International Macroeconomics |
| 关键词 | monetary policy Business cycles Nominal rigidity Impulse-response function |
| URL | https://cepr.org/publications/dp5727 |
| 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/534559 |
| 推荐引用方式 GB/T 7714 | Vincenzo Quadrini,Urban Jermann. DP5727 Financial Innovations and Macroeconomic Volatility. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
