| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25303 |
| 来源ID | Working Paper 25303 |
| The Propagation of Monetary Policy Shocks in a Heterogeneous Production Economy | |
| Ernesto Pastén; Raphael Schoenle; Michael Weber | |
| 发表日期 | 2018-12-03 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study the transmission of monetary policy shocks in a model in which realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-output linkages, and derive conditions under which these heterogeneities generate large real effects. Empirically, heterogeneity in the frequency of price adjustment is the most important driver behind large real effects, whereas heterogeneity in input-output linkages contributes only marginally, with differences in consumption shares in between. Heterogeneity in price rigidity further is key in determining which sectors are the most important contributors to the transmission of monetary shocks, and is necessary but not sufficient to generate realistic output correlations. In the model and data, reducing the number of sectors decreases monetary non-neutrality with a similar impact response of inflation. Hence, the initial response of inflation to monetary shocks is not sufficient to discriminate across models and for the real effects of nominal shocks. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w25303 |
| 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/582977 |
| 推荐引用方式 GB/T 7714 | Ernesto Pastén,Raphael Schoenle,Michael Weber. The Propagation of Monetary Policy Shocks in a Heterogeneous Production Economy. 2018. |
| 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 | ||
| w25303.pdf（1051KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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