| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12334 |
| DP12334 Market Reforms at the Zero Lower Bound | |
| Fabio Ghironi; Matteo Cacciatore; Romain Duval | |
| 发表日期 | 2017-09-25 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper studies the impact of product and labor market reforms when the economy faces major slack and a binding constraint on monetary policy easing---such as the zero lower bound. To this end, we build a two-country model with endogenous producer entry, labor market frictions, and nominal rigidities. We find that while the effect of market reforms depends on the cyclical conditions under which they are implemented, the zero lower bound itself does not appear to matter. In fact, when carried out in a recession, the impact of reforms is typically stronger when the zero lower bound is binding. The reason is that reforms are inflationary in our structural model (or they have no noticeable deflationary effects). Thus, contrary to the implications of reduced-form modeling of product and labor market reforms as exogenous reductions in price and wage markups, our analysis shows that there is no simple across-the-board relationship between market reforms and the behavior of real marginal costs. This significantly alters the consequences of the zero (or any effective) lower bound on policy rates. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Producer entry Product market regulation Employment protection monetary policy |
| URL | https://cepr.org/publications/dp12334 |
| 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/541144 |
| 推荐引用方式 GB/T 7714 | Fabio Ghironi,Matteo Cacciatore,Romain Duval. DP12334 Market Reforms at the Zero Lower Bound. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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