| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15702 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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