The propagation of monetary policy shocks in a heterogeneous production economy
The propagation of monetary policy shocks in a heterogeneous production economy
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DOI：
10.1016/j.jmoneco.2019.10.001
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发表时间：
2020-12-01
影响因子：
4.1
通讯作者：
Weber, Michael
中科院分区：
文献类型：
--
作者：
Pasten, Ernesto;Schoenle, Raphael;Weber, Michael
价格刚性的现实异质性与货币政策冲击传导中部门规模和投入产出联系的异质性相互作用。从数量上看，价格粘性的异质性是实际效应的主要驱动因素。投入产出联系和消费份额改变了对传播最重要部门的特征。减少部门数量会降低货币的非中性，对通货膨胀产生类似的影响。因此，通货膨胀对货币冲击的最初反应不足以区分不同模型，忽略异质消费份额和投入产出联系，识别出真正影响来自的错误部门。(C) 2019 Elsevier B.V.版权所有
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.