The Price Effects of Monetary Shocks in a Network Economy
The Price Effects of Monetary Shocks in a Network Economy
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网络经济中货币冲击的价格效应
DOI：
10.2139/ssrn.2882994
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发表时间：
2019
期刊：
影响因子：
--
通讯作者：
Vipin P. Veetil
中科院分区：
文献类型：
--
作者：
A. Mandel;Davoud Taghawi;Vipin P. Veetil
经验证据表明，货币冲击对价格分布有两种暂时性影响。第一，价格横截面的离散度随着货币冲击的增加而增加。第二，一些价格在“错误”的方向上变化：一些价格在应对积极的货币冲击时下降，在应对消极的货币冲击时上升。我们提出了一个模型，产生的两个影响，货币冲击的价格分布作为一个非均衡现象。企业通过生产网络相互联系。货币冲击改变了一部分公司的营运资本，并通过买卖双方的联系渗透到其他公司。价格离散增加是因为货币冲击通过生产网络的渗透导致价格差异地偏离其稳态值。有些价格的变化方向是错误的，因为一家公司的需求变化会引起另一家公司的供应变化（反之亦然），从而产生复杂的双向价格变化链。即使所有价格都是完全灵活的，货币冲击也会严重扰乱相对价格。
Empirical evidence shows monetary shocks have two temporary effects on the distribution of prices. One, the dispersion of cross-section of prices increases in response to monetary shocks. Two, some prices change in the ‘wrong’ direction: some prices decrease in response to positive monetary shocks, and increase in response to negative monetary shocks. We present a model that generates the two effects of monetary shocks on the distribution of prices as an out-of-equilibrium phenomena. Firms are related to each other through a production network. Monetary shocks change the working capital of a subset of firms and percolate to other firms through buyer-seller linkages. Price dispersion increases because the percolation of a monetary shock through the production network causes prices to differentially deviate from their steady state values. Some prices change in the wrong direction because a shift in one firm’s demand causes a shift in another firm’s supply (and vice-versa), thereby generating complicated chains of bi-directional price changes. Monetary shocks can significantly disturb relative prices even when all prices are fully flexible.