| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6468 |
| DP6468 Who is Afraid of Political Risk? Multinational Firms and their Choice of Capital Structure | |
| Monika Schnitzer; Iris Kesternich | |
| 发表日期 | 2007-09-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | In this paper, we show that strategic complementarities--such as firm-specific factors or quasi-kinked demand--have crucial implications for the design of monetary policy and for the welfare costs of output and inflation variability. Recent research has mainly used log-linear approximations to analyze the role of these mechanisms in amplifying the real effects of monetary shocks. In contrast, our analysis explicitly considers the nonlinear properties of these mechanisms that are relevant for characterizing the deterministic steady state as well as the second-order approximation of social welfare in the stochastic economy. We demonstrate that firm-specific factors and quasi-kinked demand curves yield markedly different implications for the welfare costs of steady-state inflation and inflation volatility. |
| 主题 | International Macroeconomics |
| 关键词 | Firm-specific factors Quasi-kinked demand Welfare analysis |
| URL | https://cepr.org/publications/dp6468 |
| 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/535285 |
| 推荐引用方式 GB/T 7714 | Monika Schnitzer,Iris Kesternich. DP6468 Who is Afraid of Political Risk? Multinational Firms and their Choice of Capital Structure. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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