NON-LINEARITIES, STATE-DEPENDENT PRICES AND THE TRANSMISSION MECHANISM OF MONETARY POLICY

被引：6
|
作者：
Ascari, Guido [1 ]
Haber, Timo
机构：
[1] Univ Oxford, Oxford, England
来源：
ECONOMIC JOURNAL | 2022年 / 132卷 / 641期
关键词：
MENU COSTS; MULTIPRODUCT FIRMS; INFLATION; SHOCKS; DYNAMICS; MULTIPLIERS; SURPRISES; MODELS; OUTPUT; MONEY;
D O I：
10.1093/ej/ueab049
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
A sticky price theory of the transmission mechanism of monetary policy shocks based on state-dependent pricing yields two testable implications that do not hold in time-dependent models. First, large monetary policy shocks should yield proportionally larger initial responses of the price level. Second, in a high trend inflation regime, the response of the price level to monetary policy shocks should be larger and real effects smaller. Our analysis provides evidence supporting these non-linear effects in the response of the price level in aggregate US data, indicating state-dependent pricing as an important feature of the transmission mechanism of monetary policy.
引用
收藏
页码：37 / 57
页数：21
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