| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16814 |
| DP16814 A Note on Temporary Supply Shocks with Aggregate Demand Inertia | |
| Alp Simsek; Ricardo Caballero | |
| 发表日期 | 2022-06-30 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study optimal monetary policy during temporary supply contractions when aggregate demand has inertia and the central bank is concerned about future constraints on expansionary policy. In this environment, it is optimal to run the economy hot until supply recovers. However, the policy does not remain loose throughout the low-supply phase. Overall, when the initial aggregate demand is low, the goal is to frontload the rate cuts to raise demand in anticipation of the recovery of supply. If inflation also has inertia, the central bank still overheats the economy during the low-supply phase but gradually cools it down over time. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | monetary policy Interest rates Temporary supply shocks Aggregate demand inertia inflation Policy frontloading Backward guidance Output and inflation gaps The phillips curve Covid-19 |
| URL | https://cepr.org/publications/dp16814-4 |
| 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/546495 |
| 推荐引用方式 GB/T 7714 | Alp Simsek,Ricardo Caballero. DP16814 A Note on Temporary Supply Shocks with Aggregate Demand Inertia. 2022. |
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