کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7358895 | 1478659 | 2018 | 77 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Monetary policy and the relative price of durable goods
ترجمه فارسی عنوان
سیاست پولی و قیمت نسبی کالاهای بادوام
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موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
چکیده انگلیسی
In a Structural Vector-Autoregressive model of the US, the response of the relative price of durables to a monetary policy contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new-house and nondurables prices. These findings are rationalized via the estimation of two-sector New-Keynesian (NK) models. Durables prices are estimated to be as sticky as those of nondurables, leading to a flat relative price response to a monetary policy shock. Conversely, house prices are estimated to be almost flexible. Such results survive several robustness checks and a three-sector extension of the NK model. These findings have implications for building NK models with durable and nondurable goods, and for the conduct of monetary policy.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 86, January 2018, Pages 1-48
Journal: Journal of Economic Dynamics and Control - Volume 86, January 2018, Pages 1-48
نویسندگان
Alessandro Cantelmo, Giovanni Melina,