| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22613 |
| 来源ID | Working Paper 22613 |
| Nominal Rigidities in Debt and Product Markets | |
| Carlos Garriga; Finn E. Kydland; Roman Šustek | |
| 发表日期 | 2016-09-12 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Standard models used for monetary policy analysis rely on sticky prices. Recently, the literature started to explore also nominal debt contracts. Focusing on mortgages, this paper compares the two channels of transmission within a common framework. The sticky price channel is dominant when shocks to the policy interest rate are temporary, the mortgage channel is important when the shocks are persistent. The first channel has significant aggregate effects but small redistributive effects. The opposite holds for the second channel. Using yield curve data decomposed into temporary and persistent components, the redistributive and aggregate consequences are found to be quantitatively comparable. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; Financial Economics ; Financial Institutions ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w22613 |
| 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/580286 |
| 推荐引用方式 GB/T 7714 | Carlos Garriga,Finn E. Kydland,Roman Šustek. Nominal Rigidities in Debt and Product Markets. 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 | ||
| w22613.pdf（405KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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