| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15944 |
| DP15944 Asymmetries in Monetary Policy | |
| PIerpaolo Benigno; Lorenza Rossi | |
| 发表日期 | 2021-03-20 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Nonlinearities embedded in the standard New-Keynesian model show that a welfare-maximizing policymaker should behave in line with a contractionary bias, fearing more expansions in output and inflation rather than contractions. On the contrary, the aggregate-supply equation implies that any upward pressure coming from real marginal costs does not necessarily push up inflation. Once these two forces are combined in the optimal policy, an overall expansionary bias emerges. The nonlinearities of the AS equation combined with changes in volatility can be responsible for a flattening in the estimated linear Phillips curve. |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp15944 |
| 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/544934 |
| 推荐引用方式 GB/T 7714 | PIerpaolo Benigno,Lorenza Rossi. DP15944 Asymmetries in Monetary Policy. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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