全球智库信息集成服务系统(G2TT): DP7150 US Volatility Cycles of Output and Inflation, 1919-2004: A Money and Banking Approach to a Puzzle

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来源类型	Discussion paper
规范类型	论文
来源ID	DP7150
	DP7150 US Volatility Cycles of Output and Inflation, 1919-2004: A Money and Banking Approach to a Puzzle
	Michal Kejak; Max Gillman; Szilárd Benk
发表日期	2009-01-28
出版年	2009
语种	英语
摘要	This paper introduces deep habits into a sticky-price sticky-wage economy and asks whether the countercyclical markup movements induced by deep habits is helpful for accounting for the dynamic effects of monetary policy shocks. We find that this is the case: When allowing for deep habits, the model can account very precisely for the persistent impact of monetary policy shocks on aggregate consumption and for the impact on inflation that other models have hard a time explaining. In particular, the model can account both for the price puzzle and for inflation persistence. We also show that the deep habits mechanism and nominal rigidities are complementary: The deep habits model can account for the dynamic effects of monetary policy shock at low to moderate levels of nominal rigidities. We show that the results are stable over time and are not caused by monetary policy changes.
主题	International Macroeconomics
关键词	Countercyclical markup Deep habits Inflation persistence Monetayr policy shocks Price puzzle
URL	https://cepr.org/publications/dp7150
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/535986
推荐引用方式 GB/T 7714	Michal Kejak,Max Gillman,Szilárd Benk. DP7150 US Volatility Cycles of Output and Inflation, 1919-2004: A Money and Banking Approach to a Puzzle. 2009.