| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23960 |
| 来源ID | Working Paper 23960 |
| Market Reforms at the Zero Lower Bound | |
| Matteo Cacciatore; Romain Duval; Giuseppe Fiori; Fabio Ghironi | |
| 发表日期 | 2017-10-30 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper studies the impact of product and labor market reforms when the economy faces major slack and a binding constraint on monetary policy easing---such as the zero lower bound. To this end, we build a two-country model with endogenous producer entry, labor market frictions, and nominal rigidities. We find that while the effect of market reforms depends on the cyclical conditions under which they are implemented, the zero lower bound itself does not appear to matter. In fact, when carried out in a recession, the impact of reforms is typically stronger when the zero lower bound is binding. The reason is that reforms are inflationary in our structural model (or they have no noticeable deflationary effects). Thus, contrary to the implications of reduced-form modeling of product and labor market reforms as exogenous reductions in price and wage markups, our analysis shows that there is no simple across-the-board relationship between market reforms and the behavior of real marginal costs. This significantly alters the consequences of the zero (or any effective) lower bound on policy rates. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Monetary Policy ; International Economics ; International Macroeconomics ; Labor Economics ; Unemployment and Immigration |
| URL | https://www.nber.org/papers/w23960 |
| 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/581634 |
| 推荐引用方式 GB/T 7714 | Matteo Cacciatore,Romain Duval,Giuseppe Fiori,et al. Market Reforms at the Zero Lower Bound. 2017. |
| 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 | ||
| w23960.pdf（1320KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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