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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP10105 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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