| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15551 |
| DP15551 State-dependent pricing turns money into a two-edged sword | |
| Vo Phuong Mai Le; Patrick Minford; David Meenagh | |
| 发表日期 | 2020-12-11 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Strong evidence exists that price/wage durations are dependent on the state of the economy, especially inflation. We embed this dependence in a macro model of the US that otherwise does well in matching the economy's behaviour in the last three decades; it now also matches it over the whole post-war period. This finding implies a major new role for monetary policy: besides controlling inflation it now determines the economy's price stickiness. We find that, when backed by fiscal policy in preventing a ZLB, by targeting nominal GDP monetary policy can achieve high price stability and avoid large cyclical output fluctuations. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | State-dependence New keynesian Rational expectations Crises Price stability Nominal gdp |
| URL | https://cepr.org/publications/dp15551 |
| 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/544555 |
| 推荐引用方式 GB/T 7714 | Vo Phuong Mai Le,Patrick Minford,David Meenagh. DP15551 State-dependent pricing turns money into a two-edged sword. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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