Monetary Policy, Firm Heterogeneity, and Product Variety
Monetary Policy, Firm Heterogeneity, and Product Variety
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货币政策、企业异质性和产品多样性
DOI：
10.1016/j.euroecorev.2022.104089
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发表时间：
2022
影响因子：
2.8
通讯作者：
Masashige Hamano and Francesco Zanetti
中科院分区：
文献类型：
--
作者：
Suzuki;A. and V.H. Nam;横田 明美;Masashige Hamano and Francesco Zanetti
这一研究为研究货币政策的配置效应提供了新的视角。结果表明，紧缩性货币政策通过清理非生产性企业，提高总生产率，发挥着重要的再配置效应。然而，与此同时，重新分配涉及产品种类的减少，这对消费者的偏好至关重要，并损害了福利。紧缩性政策阻止新公司进入，使现有公司与竞争隔离，降低了总生产率。我们提供了美国数据的经验证据，证实了货币政策与企业进入和退出导致的产品多样性的相关性。
This study provides new insights on the allocative effect of monetary policy. It shows that contractionary monetary policy exerts an important reallocation effect by cleansing unproductive firms and enhancing aggregate productivity. At the same time, however, reallocation involves a reduction in the number of product variety that is central to consumer preferences and hurts welfare. A contractionary policy prevents the entry of new firms and insulates incumbent firms from competition, reducing aggregate productivity. We provide empirical evidence on U.S. data that corroborates the relevance of monetary policy for product variety resulting from firm entry and exit.