| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14944 |
| DP14944 Optimal Monetary Policy in Production Networks | |
| Jennifer La'O; Alireza Tahbaz-Salehi | |
| 发表日期 | 2020-06-25 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper studies the optimal conduct of monetary policy in a multi-sector economy in which firms buy and sell intermediate goods over a production network. We first provide a necessary and sufficient condition for the monetary policy's ability to implement flexible-price equilibria in the presence of nominal rigidities and show that, generically, no monetary policy can implement the first-best allocation. We then characterize the constrained-efficient policy in terms of the economy’s production network and the extent and nature of nominal rigidities. Our characterization result yields general principles for the optimal conduct of monetary policy in the presence of input-output linkages: it establishes that optimal policy stabilizes a price index with higher weights assigned to larger, stickier, and more upstream industries, as well as industries with less sticky upstream suppliers but stickier downstream customers. In a calibrated version of the model, we find that implementing the optimal policy can result in quantitatively meaningful welfare gains. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Production networks Optimal monetary policy Nominal rigidities Misallocation |
| URL | https://cepr.org/publications/dp14944 |
| 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/543889 |
| 推荐引用方式 GB/T 7714 | Jennifer La'O,Alireza Tahbaz-Salehi. DP14944 Optimal Monetary Policy in Production Networks. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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