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来源类型Working Paper
规范类型报告
DOI10.3386/w28174
来源IDWorking Paper 28174
TFPR: Dispersion and Cyclicality
Russell Cooper; Özgen Öztürk
发表日期2020-12-07
出版年2020
语种英语
摘要This paper studies the determinants of TFPR, a revenue based measure of total factor productivity. Recent business cycle models are built upon the assumption of countercyclical dispersion in TFPR. But, the distribution of TFPR is endogenous, dependent upon exogenous shocks and the endogenous determination of prices. An overlapping generations model with monopolistic competition and state dependent pricing is constructed to study the factors that shape the TFPR distribution. The empirical focus is on three key data patterns: (i) countercyclical dispersion of TFPR , (ii) countercyclical dispersion of price changes and (iii) countercyclical frequency of price adjustment. The analysis uncovers two interesting scenarios in which these moments are matched. One arises in the presence of shocks to the dispersion of TFPQ, a quantity based measure of total factor productivity, along with a negatively correlated change in the mean of TFPQ. The second arises if the monetary authority responds to shocks to the dispersion of TFPQ by “leaning against the wind”. Due to state contingent pricing, the model is nonlinear. Simple correlations mask these nonlinearities of the underlying economy. The real effects of monetary innovations are state dependent, with monetary policy less effective in recessions.
主题Macroeconomics ; Business Cycles ; Industrial Organization ; Market Structure and Firm Performance
URLhttps://www.nber.org/papers/w28174
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/585848
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GB/T 7714
Russell Cooper,Özgen Öztürk. TFPR: Dispersion and Cyclicality. 2020.
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