The propagation of monetary policy shocks in a heterogeneous production economy

被引：45

作者：

Pasten, Ernesto ^{[1
,2
]}

Schoenle, Raphael ^{[3
,4
,5
]}

Weber, Michael ^{[6
,7
]}

机构：

[1] Cent Bank Chile, Santiago, Chile

[2] Toulouse Sch Econ, Toulouse, France

[3] Fed Reserve Bank Cleveland, Cleveland, OH 44114 USA

[4] Brandeis Univ, Dept Econ, Waltham, MA USA

[5] CEPR, Washington, DC USA

[6] Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA

[7] NBER, Cambridge, MA 02138 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2020年 / 116卷

基金：

美国国家科学基金会;

关键词：

Input-output linkages; Multi-sector Calvo model; Monetary policy; STICKY PRICES; NONNEUTRALITY; NETWORKS; ORIGINS;

D O I：

10.1016/j.jmoneco.2019.10.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-output linkages in the transmission of monetary policy shocks. Quantitatively, heterogeneity in price stickiness is the central driver for real effects. Input-output linkages and consumption shares alter the identity of the most important sectors to the transmission. Reducing the number of sectors decreases monetary non-neutrality with a similar impact response of inflation. Hence, the initial response of inflation to monetary shocks is not sufficient to discriminate across models and ignoring heterogeneous consumption shares and input-output linkages identifies the wrong sectors from which the real effects originate. (C) 2019 Elsevier B.V. All rights reserved.

引用

页码：1 / 22

页数：22

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