| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12068 |
| DP12068 Monetary Neutrality with Sticky Prices and Free Entry | |
| Florin Bilbiie | |
| 发表日期 | 2017-05-30 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Monetary policy is neutral even with fixed prices, if there is free entry and variety is determined optimally as in Dixit and Stiglitz (1977). When individual prices are sticky, entry substitutes for price flexibility in the welfare-based price index. In response to aggregate demand expansions, the intensive (quantity produced of each good) and extensive (number of goods being produced) margins move in offsetting ways, leaving aggregate production unchanged. Deviations from neutrality thus occur only when variety is not optimally determined (preferences are not Dixit-Stiglitz) or when entry is subject to frictions. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | monetary policy Neutrality Sticky prices Entry Product variety Monopolistic competition Dixit-stiglitz Sunk costs |
| URL | https://cepr.org/publications/dp12068 |
| 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/540879 |
| 推荐引用方式 GB/T 7714 | Florin Bilbiie. DP12068 Monetary Neutrality with Sticky Prices and Free Entry. 2017. |
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