| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28066 |
| 来源ID | Working Paper 28066 |
| Forward Guidance and Durable Goods Demand | |
| Alisdair McKay; Johannes F. Wieland | |
| 发表日期 | 2020-11-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Durable goods attenuate the power of forward guidance. The extensive and intensive margins of durable goods demand are both more sensitive to the contemporaneous user cost than to future user costs. Changes in the contemporaneous real interest rate directly affect the contemporaneous user cost and durable demand, whereas promises of low future real interest rates have weaker effects through equilibrium price changes. Quantitatively, reducing the real interest rate one year from now increases output by only forty percent as much as reducing the real interest rate today. Our results are little affected by the maturity of financial assets that finance durable purchases. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w28066 |
| 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/585739 |
| 推荐引用方式 GB/T 7714 | Alisdair McKay,Johannes F. Wieland. Forward Guidance and Durable Goods Demand. 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 | ||
| w28066.pdf（451KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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