| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7561 |
| DP7561 International Competition and Inflation: A New Keynesian Perspective | |
| J David López-Salido; Christopher Gust; Luca Guerrieri | |
| 发表日期 | 2009-11-15 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The paper shows that US GDP velocity of M1 money has exhibited long cycles around a 1.25% per year upward trend, during the 1919-2004 period. It explains the velocity cycles through shocks constructed from a DSGE model and annual time series data (Ingram et al., 1994). Model velocity is stable along the balanced growth path, which features endogenous growth and decentralized banking that produces exchange credit. Positive shocks to credit productivity and money supply increase velocity, as money demand falls, while a positive goods productivity shock raises temporary output and velocity. The paper explains such velocity volatility at both business cycle and long run frequencies. With filtered velocity turning negative, starting during the 1930s and the 1987 crashes, and again around 2003, results suggest that the money and credit shocks appear to be more important for velocity during less stable times and the goods productivity shock more important during stable times. |
| 主题 | International Macroeconomics |
| 关键词 | Volatility Business cycle Credit shocks Velocity |
| URL | https://cepr.org/publications/dp7561 |
| 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/536397 |
| 推荐引用方式 GB/T 7714 | J David López-Salido,Christopher Gust,Luca Guerrieri. DP7561 International Competition and Inflation: A New Keynesian Perspective. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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