| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6101 |
| DP6101 Sticky Prices and Monetary Policy: Evidence from Disaggregated US Data | |
| Marc Giannoni; Ilian Mihov; Jean Boivin | |
| 发表日期 | 2007-02-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper demonstrates that increased optimism about future productivity can generate an immediate economic expansion in a neoclassical model with vintage capital and variable capacity utilization. Previous research has documented that standard neoclassical models cannot generate a simultaneous increase in consumption, investment, and hours in response to news shocks, and that optimism in these models tends to reduce investment and hours. When technology is vintage specific, however, expectations of higher future productivity raise the demand for new vintages of capital relative to installed capital. Capital depreciates faster when utilization is high, but this depreciation only affects installed capital. The cost of high depreciation therefore falls when the value of installed capital falls. It is demonstrated here that with standard parameter values, more optimism raises utilization, consumption, investment, hours, and output. |
| 主题 | International Macroeconomics |
| 关键词 | Business cycles Capital-embodied technological change Expectations News Vintage capital |
| URL | https://cepr.org/publications/dp6101 |
| 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/534940 |
| 推荐引用方式 GB/T 7714 | Marc Giannoni,Ilian Mihov,Jean Boivin. DP6101 Sticky Prices and Monetary Policy: Evidence from Disaggregated US Data. 2007. |
| 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。
