The propagation of monetary policy shocks in a heterogeneous production economy

• 成果类型: Article
• 署名作者: Pasten, Ernesto; Schoenle, Raphael; Weber, Michael
• 署名单位: Central Bank of Chile; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Brandeis University; Center for Economic & Policy Research (CEPR); University of Chicago; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2019.10.001
• 发表日期: 2020
• 页码: 1-22
• 关键词: Input-output linkages; Multi-sector Calvo model; monetary policy

摘要

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.