G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10105
DP10105 Loss Aversion and the Asymmetric Transmission of Monetary Policy
Ivan Petrella; Damjan Pfajfar; Emiliano Santoro
发表日期2014-08-10
出版年2014
语种英语
摘要There is widespread evidence that monetary policy exerts asymmetric effects on output over contractions and expansions in economic activity, while price responses display no sizeable asymmetry. To rationalize these facts we develop a dynamic general equilibrium model where households? utility depends on consumption deviations from a reference level below which loss aversion is displayed. State-dependent degrees of real rigidity and elasticity of intertemporal substitution in consumption generate competing effects on output and inflation. Contractions face the Central Bank with higher responsiveness of output to interest rate changes, as well as a flatter aggregate supply schedule.
主题International Macroeconomics
关键词Asymmetry Business cycle monetary policy Prospect theory
URLhttps://cepr.org/publications/dp10105
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/538938
推荐引用方式
GB/T 7714
Ivan Petrella,Damjan Pfajfar,Emiliano Santoro. DP10105 Loss Aversion and the Asymmetric Transmission of Monetary Policy. 2014.
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