Lumpy investment and the monetary transmission mechanism

被引：9

作者：

Reiter, Michael ^{[1
]}

Sveen, Tommy ^{[2
]}

Weinke, Lutz ^{[3
]}

机构：

[1] Inst Adv Studies, Dept Econ, A-1060 Vienna, Austria

[2] BI Norwegian Business Sch, Dept Econ, N-0484 Oslo, Norway

[3] Humboldt Univ, Sch Business & Econ, Inst Econ Policy, D-10099 Berlin, Germany

来源：

JOURNAL OF MONETARY ECONOMICS | 2013年 / 60卷 / 07期

关键词：

Lumpy investment; Sticky prices; MENU COST MODELS; PHILLIPS-CURVE; RIGIDITIES; DYNAMICS; SHOCKS; PRICES;

D O I：

10.1016/j.jmoneco.2013.08.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The lumpy nature of plant-level investment is generally not taken into account in the context of New Keynesian monetary theory (see, e.g., Christiano et al., 2005; Woodford, 2005). Our main result shows that if this theory is augmented by a standard model of lumpy investment, monetary policy shocks lead to large but very short-lived impacts on output and inflation, in a way that goes against empirical evidence and the consensus view in the literature. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：821 / 834

页数：14

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