Production chains and general equilibrium aggregate dynamics
Production chains and general equilibrium aggregate dynamics
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生产链和一般均衡总量动态
DOI：
10.1016/s0304-3932(01)00078-2
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发表时间：
2001
影响因子：
4.1
通讯作者：
Zheng Liu
中科院分区：
文献类型：
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作者：
K. Huang;Zheng Liu
最近的实证研究表明，货币冲击可能导致总产出的持续波动。在本文中，我们提出了一种机制来帮助生成这种持久性。我们的动态随机一般均衡模型具有垂直的投入产出结构，在每个生产阶段都有交错的价格契约。通过投入产出关系和企业定价决策的时机，该模型产生了总产出的持续波动，以及在货币冲击之后观察到的价格动态模式。产出反应越持久，生产阶段越多，中间投入的份额越大。有了足够数量的阶段，如果中间输入的份额只有一个，但阶段数量有限，则持久性是任意大的。
Recent empirical studies reveal that monetary shocks can cause persistent fluctuations in aggregate output. In this paper, we propose a mechanism to help generate such persistence. Our dynamic stochastic general equilibrium model features a vertical input–output structure, with staggered price contracts at each stage of production. Working through the input–output relations and the timing of firms’ pricing decisions, the model generates persistent fluctuations in aggregate output and the observed patterns of price dynamics following a monetary shock. Output responses are more persistent, the greater the number of stages of production, and the larger the share of intermediate inputs. With a sufficient number of stages, the persistence is arbitrarily large if the share of intermediate inputs is one at all but finitely many stages.
DOI：
--
发表时间：
1987
期刊：
The American Economic Review
影响因子：
--
作者：
O. Blanchard;N. Kiyotaki
通讯作者：
O. Blanchard;N. Kiyotaki