| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22361 |
| 来源ID | Working Paper 22361 |
| Are State and Time Dependent Models Really Different? | |
| Fernando E. Alvarez; Francesco Lippi; Juan Passadore | |
| 发表日期 | 2016-06-20 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Yes, but only for large monetary shocks. In particular, we show that in a broad class of models where shocks have continuous paths, the propagation of a monetary impulse is independent of the nature of the sticky price friction when shocks are small. The propagation of large shocks instead depends on the nature of the friction: the impulse response of inflation to monetary shocks is independent of the shock size in time-dependent models, while it is non-linear in state-dependent models. We use data on exchange rate devaluations and inflation for a panel of countries over 1974-2014 to test for the presence of state dependent decision rules. We present some evidence of a non-linear effect of exchange rate changes on prices in a sample of flexible-exchange rate countries with low inflation. We discuss the dimensions in which this finding is robust and the ones in which it is not. |
| 主题 | Macroeconomics ; Monetary Policy |
| URL | https://www.nber.org/papers/w22361 |
| 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/580035 |
| 推荐引用方式 GB/T 7714 | Fernando E. Alvarez,Francesco Lippi,Juan Passadore. Are State and Time Dependent Models Really Different?. 2016. |
| 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 | ||
| w22361.pdf（645KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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