| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14163 |
| DP14163 Monetary Policy, Price Setting, and Credit Constraints | |
| Almut Balleer; Peter Zorn | |
| 发表日期 | 2019-12-02 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We estimate the effects of monetary policy on price-setting behavior in administrative micro data underlying the German producer price index. We find a strong degree of monetary non-neutrality. After expansionary monetary policy, the mass of additional price adjustments is economically small and the average absolute size across all price changes falls. The aggregate price level hardly adjusts, and monetary policy has real effects. These estimates rule out quantitative structural models that generate small and transient effects of monetary policy through selection on large price adjustments. We provide evidence that monetary policy propagates primarily through production units with weak financial positions. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Price setting Extensive margin Intensive margin monetary policy Local projections Menu cost Credit constraints |
| URL | https://cepr.org/publications/dp14163 |
| 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/543050 |
| 推荐引用方式 GB/T 7714 | Almut Balleer,Peter Zorn. DP14163 Monetary Policy, Price Setting, and Credit Constraints. 2019. |
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