| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15583 |
| DP15583 Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier | |
| Florin Bilbiie; Marc J Melitz | |
| 发表日期 | 2020-12-21 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Due to its impact on nominal firm profits, price rigidity amplifies the response of entry and exit to adverse supply shocks, such as COVID-19. This "entry-exit multiplier" triggers substantial magnification of the welfare losses due to negative supply shocks---even in an efficient-entry benchmark. In addition to those second-order effects, price rigidity also induces first-order amplification under external returns, when entry is no longer efficient. Endogenous entry-exit thus radically changes the consequences of nominal rigidities: in addition to the aggregate-demand amplification of supply disruptions, it also reconciles the response of hours worked across the benchmark New Keynesian and RBC models. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Entry-exit Aggregate demand and supply Variety Sticky prices Covid-19 Recessions |
| URL | https://cepr.org/publications/dp15583-0 |
| 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/544591 |
| 推荐引用方式 GB/T 7714 | Florin Bilbiie,Marc J Melitz. DP15583 Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier. 2020. |
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