| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14338 |
| DP14338 The long-run effects of monetary policy | |
| Oscar Jorda; Sanjay Singh; Alan M. Taylor | |
| 发表日期 | 2020-01-21 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Does monetary policy have persistent effects on the productive capacity of the economy? Yes, we find that such effects are economically and statistically significant and last for over a decade based on: (1) identification of exogenous monetary policy fluctuations using the trilemma of international finance; (2) merged data from two new international historical cross-country databases reaching back to the nineteenth century; and (3) econometric methods robust to long-horizon inconsistent estimates. Notably, the capital stock and total factor productivity (TFP) exhibit strong hysteresis, whereas labor does not; and money is non-neutral for a much longer period of time than is customarily assumed. We show that a New Keynesian model with endogenous TFP growth can reconcile these empirical findings. |
| 主题 | Economic History ; International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy Money neutrality Hysteresis Trilemma Instrumental vari- ables Local projections |
| URL | https://cepr.org/publications/dp14338-0 |
| 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/543230 |
| 推荐引用方式 GB/T 7714 | Oscar Jorda,Sanjay Singh,Alan M. Taylor. DP14338 The long-run effects of monetary policy. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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