Lumpy investment and the monetary transmission mechanism

• 成果类型: Article
• 署名作者: Reiter, Michael; Sveen, Tommy; Weinke, Lutz
• 署名单位: BI Norwegian Business School; Humboldt University of Berlin
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2013.08.003
• 发表日期: 2013
• 页码: 821-834
• 关键词: Lumpy investment; sticky prices

摘要

The lumpy nature of plant-level investment is generally not taken into account in the context of New Keynesian monetary theory (see, e.g., Christiano et al., 2005; Woodford, 2005). Our main result shows that if this theory is augmented by a standard model of lumpy investment, monetary policy shocks lead to large but very short-lived impacts on output and inflation, in a way that goes against empirical evidence and the consensus view in the literature. (C) 2013 Elsevier B.V. All rights reserved.