G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w28345
来源IDWorking Paper 28345
The Supply-Side Effects of Monetary Policy
David Baqaee; Emmanuel Farhi; Kunal Sangani
发表日期2021-01-18
出版年2021
语种英语
摘要We propose a supply-side channel for the transmission of monetary policy. We show that in an economy with heterogeneous firms and endogenous markups, demand shocks have first-order effects on aggregate productivity. If high-markup firms have lower pass-throughs than low-markup firms, as is consistent with the empirical evidence, then a monetary easing reallocates resources to high-markup firms and alleviates misallocation. In this case, positive “demand shocks” are accompanied by endogenous positive “supply shocks” that raise output and productivity, lower inflation, and flatten the Phillips curve. We derive a tractable four-equation dynamic model and use it to show that monetary shocks generate a procyclical hump-shaped response in TFP and endogenous cost-push shocks in the New Keynesian Phillips curve. A calibration of the model suggests that the supply-side effect increases the half-life of a monetary shock’s effect on output by about 30% and amplifies the cumulative effect on output by about 70%. We provide empirical evidence of the micro-level reallocations that generate procyclical TFP using identified monetary shocks.
主题Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Industrial Organization ; Market Structure and Firm Performance ; Development and Growth ; Growth and Productivity
URLhttps://www.nber.org/papers/w28345
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/586017
推荐引用方式
GB/T 7714
David Baqaee,Emmanuel Farhi,Kunal Sangani. The Supply-Side Effects of Monetary Policy. 2021.
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
w28345.pdf(787KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[David Baqaee]的文章
[Emmanuel Farhi]的文章
[Kunal Sangani]的文章
百度学术
百度学术中相似的文章
[David Baqaee]的文章
[Emmanuel Farhi]的文章
[Kunal Sangani]的文章
必应学术
必应学术中相似的文章
[David Baqaee]的文章
[Emmanuel Farhi]的文章
[Kunal Sangani]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w28345.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。