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来源类型Working Paper
规范类型报告
DOI10.3386/w26175
来源IDWorking Paper 26175
Lumpy Durable Consumption Demand and the Limited Ammunition of Monetary Policy
Alisdair McKay; Johannes F. Wieland
发表日期2019-08-26
出版年2019
语种英语
摘要In a fixed-cost model of durable consumption demand, we show that an important channel of monetary policy transmission is to prompt households to accelerate the timing of their adjustments. We highlight three ways in which the power of monetary policy is reduced relative to the standard New Keynesian model. First, there is an intertemporal trade-off in aggregate demand as encouraging households to adjust today leaves fewer households acquiring durables going forward. Second, households make a short-term decision—adjusting now rather than in the near future—so the short-term real interest rate is the opportunity cost of adjusting today. As a result, forward guidance is less effective at shifting aggregate demand than contemporaneous interest rate cuts. Third, monetary policy becomes less powerful in a recession. The literature has debated whether fixed-cost models generate state dependence in general equilibrium; we show that if one conditions on the magnitude of the recession, the model's state dependence is unaffected by general equilibrium attenuation.
主题Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Monetary Policy
URLhttps://www.nber.org/papers/w26175
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/583848
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Alisdair McKay,Johannes F. Wieland. Lumpy Durable Consumption Demand and the Limited Ammunition of Monetary Policy. 2019.
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