| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19886 |
| 来源ID | Working Paper 19886 |
| Is Increased Price Flexibility Stabilizing? Redux | |
| Saroj Bhattarai; Gauti Eggertsson; Raphael Schoenle | |
| 发表日期 | 2014-02-06 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We study the implications of increased price flexibility on output volatility. In a simple DSGE model, we show analytically that more flexible prices always amplify output volatility for supply shocks and also amplify output volatility for demand shocks if monetary policy does not respond strongly to inflation. More flexible prices often reduce welfare, even under optimal monetary policy if full efficiency cannot be attained. We estimate a medium-scale DSGE model using post-WWII U.S. data. In a counterfactual experiment we find that if prices and wages are fully flexible, the standard deviation of annualized output growth more than doubles. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w19886 |
| 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/577559 |
| 推荐引用方式 GB/T 7714 | Saroj Bhattarai,Gauti Eggertsson,Raphael Schoenle. Is Increased Price Flexibility Stabilizing? Redux. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
