| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28258 |
| 来源ID | Working Paper 28258 |
| Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier | |
| Florin O. Bilbiie; Marc J. Melitz | |
| 发表日期 | 2020-12-28 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Due to its impact on nominal firm profits, price rigidity amplifies the response of entry and exit to adverse supply shocks, such as COVID-19. This “entry-exit multiplier” triggers substantial magnification of the welfare losses due to negative supply shocks—even in an efficient-entry benchmark. In addition to those second-order effects, price rigidity also induces first-order amplification under external returns, when entry is no longer efficient. Endogenous entry-exit thus radically changes the consequences of nominal rigidities: in addition to the aggregate-demand amplification of supply disruptions, it also reconciles the response of hours worked across the benchmark New Keynesian and RBC models. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Fiscal Policy ; COVID-19 |
| URL | https://www.nber.org/papers/w28258 |
| 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/585931 |
| 推荐引用方式 GB/T 7714 | Florin O. Bilbiie,Marc J. Melitz. Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier. 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 | ||
| w28258.pdf（401KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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