| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26175 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w26175 |
| 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/583848 |
| 推荐引用方式 GB/T 7714 | Alisdair McKay,Johannes F. Wieland. Lumpy Durable Consumption Demand and the Limited Ammunition of Monetary Policy. 2019. |
| 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 | ||
| w26175.pdf（902KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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