G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15702
DP15702 The Supply-Side Effects of Monetary Policy
David Rezza Baqaee; Emmanuel Farhi; Kunal Sangani
发表日期2021-01-23
出版年2021
语种英语
摘要We propose a supply-side channel for the transmission of monetary policy. We show that if, as is consistent with the empirical evidence, bigger firms have higher markups and lower pass-throughs than smaller firms, then a monetary easing endogenously increases aggregate TFP and improves allocative efficiency. This endogenous positive “supply shock” amplifies the effects of the positive “demand shock” on output and employment. The result is a flattening of the Phillips curve. This effect is distinct from another mechanism discussed at length in the real rigidities literature: a monetary easing leads to a reduction in desired markups because of strategic complementarities in pricing. We calibrate the model to match firm-level pass-throughs and find that the misallocation channel of monetary policy is quantitatively important, flattening the Phillips curve by about 70% compared to a model with no supply-side effects. We derive a tractable four-equation dynamic model and show that monetary easing generates a procyclical hump-shaped response in aggregate TFP and countercyclical dispersion in firm-level TFPR. The improvements in allocative efficiency amplify both the impact and persistence of interest rate shocks on output.
主题Industrial Organization ; Macroeconomics and Growth ; Monetary Economics and Fluctuations
关键词Productivity Incomplete pass-through Misallocation monetary policy
URLhttps://cepr.org/publications/dp15702
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/544709
推荐引用方式
GB/T 7714
David Rezza Baqaee,Emmanuel Farhi,Kunal Sangani. DP15702 The Supply-Side Effects of Monetary Policy. 2021.
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