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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w9985 |
来源ID | Working Paper 9985 |
The Output Composition Puzzle: A Difference in the Monetary Transmission Mechanism in the Euro Area and U.S. | |
Ignazio Angeloni; Anil K. Kashyap; Benoit Mojon; Daniele Terlizzese | |
发表日期 | 2003-09-22 |
出版年 | 2003 |
语种 | 英语 |
摘要 | We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts are significantly more important. We dub this difference the output composition puzzle and explore its implications and several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. |
主题 | Macroeconomics ; Consumption and Investment |
URL | https://www.nber.org/papers/w9985 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567610 |
推荐引用方式 GB/T 7714 | Ignazio Angeloni,Anil K. Kashyap,Benoit Mojon,et al. The Output Composition Puzzle: A Difference in the Monetary Transmission Mechanism in the Euro Area and U.S.. 2003. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w9985.pdf(513KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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