| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16430 |
| DP16430 The Transmission of Keynesian Supply Shocks | |
| Ambrogio Cesa-Bianchi; Andrea Ferrero | |
| 发表日期 | 2021-08-07 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Sectoral supply shocks can trigger shortages in aggregate demand when strong sectoral complementarities are at play. US data on sectoral output and prices offer support to this notion of "Keynesian supply shocks" and their underlying transmission mechanism. Demand shocks derived from standard identification schemes using aggregate data can originate from sectoral supply shocks that spillover to other sectors via a Keynesian supply mechanism. This finding is a regular feature of the data and is independent of the effects of the 2020 pandemic. In a New Keynesian model with input-output network calibrated to 3-digit US data, sectoral productivity shocks generate the same pattern for output growth and inflation as observed in the data. The degree of sectoral interconnection, both upstream and downstream, and price stickiness are key determinants of the strength of the mechanism. Sectoral shocks may account for a larger fraction of business cycle fluctuations than previously thought. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Sectoral shocks Input-output network |
| URL | https://cepr.org/publications/dp16430 |
| 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/545391 |
| 推荐引用方式 GB/T 7714 | Ambrogio Cesa-Bianchi,Andrea Ferrero. DP16430 The Transmission of Keynesian Supply Shocks. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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