کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099692 | 1377023 | 2007 | 32 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Does inflation increase after a monetary policy tightening? Answers based on an estimated DSGE model
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
This paper estimates the importance of the cost channel of monetary policy in a New Keynesian model of the business cycle. A model with nominal and real rigidities is extended by assuming that a fraction of firms need to borrow money to pay their wage bill. Hence, a monetary policy tightening increases effective unit labor costs of production, and might imply an increase in inflation. The paper examines the conditions under which the model can generate a positive response of inflation to a monetary contraction, and estimates the model's parameters using Bayesian methods. The paper shows that the estimated demand-side effects of monetary policy dominate the estimated supply side effect, even if restrictions are imposed that make occurrence of a positive inflation response to a monetary contraction more likely.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 3, March 2007, Pages 906-937
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 3, March 2007, Pages 906-937
نویسندگان
Pau Rabanal,