| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26666 |
| 来源ID | Working Paper 26666 |
| The Long-Run Effects of Monetary Policy | |
| Òscar Jordà; Sanjay R. Singh; Alan M. Taylor | |
| 发表日期 | 2020-01-20 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Does monetary policy have persistent effects on the productive capacity of the economy? Yes, we find that such effects are economically and statistically significant and last for over a decade based on: (1) identification of exogenous monetary policy fluctuations using the trilemma of international finance; (2) merged data from two new international historical cross-country databases reaching back to the nineteenth century; and (3) econometric methods robust to long-horizon inconsistent estimates. Notably, the capital stock and total factor productivity (TFP) exhibit strong hysteresis, whereas labor does not; and money is non-neutral for a much longer period of time than is customarily assumed. We show that a New Keynesian model with endogenous TFP growth can reconcile these empirical findings. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w26666 |
| 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/584340 |
| 推荐引用方式 GB/T 7714 | Òscar Jordà,Sanjay R. Singh,Alan M. Taylor. The Long-Run Effects of Monetary Policy. 2020. |
| 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 | ||
| w26666.pdf（1176KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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