| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5918 |
| DP5918 Nation Formation and Genetic Diversity | |
| Klaus Desmet; Ignacio Ortuño-Ortin; Michel Le Breton; Shlomo Weber | |
| 发表日期 | 2006-11-05 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Econometric evidence suggests that, in response to monetary policy shocks, durable and non-durable spending comove positively, and durable spending exhibits a much larger sensitivity to the policy shocks. A standard two-sector New Keynesian model with free borrowing persistently exhibits a co-movement problem: if spending contracts in one sector, it expands in the other. We argue that, even when durable prices are flexible, the introduction of a collateral constraint on borrowing and the consideration of durables as collateral assets generate both a correct sectoral co-movement and a procyclical response of durable consumption to policy shocks. In this vein, collateral constraints act as a substitute of nominal rigidity in durable prices. However, since in the model nominal non-indexed debt and the collateral constraint generate alternative channels for monetary non-neutrality, our framework leaves room for relaxing the assumption of price stickiness also for nondurable goods prices, in line with some recent micro-based evidence. In a limit case of fully flexible prices in both sectors, a policy shock still generates a sizeable degree of monetary non-neutrality, as well as the correct sectoral co-movement. In this vein, collateral constraints act as a substitute of price stickiness altogether. |
| 主题 | International Macroeconomics |
| 关键词 | Durable goods Sticky prices Collateral constraint |
| URL | https://cepr.org/publications/dp5918 |
| 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/534757 |
| 推荐引用方式 GB/T 7714 | Klaus Desmet,Ignacio Ortuño-Ortin,Michel Le Breton,et al. DP5918 Nation Formation and Genetic Diversity. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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