New Keynesian models, durable goods, and collateral constraints

• 成果类型: Article
• 署名作者: Monacelli, Tommaso
• 署名单位: Bocconi University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.09.013
• 发表日期: 2009
• 页码: 242-254
• 关键词: Durable goods; sticky prices; Collateral constraint

摘要

Econometric evidence suggests that, in response to monetary policy shocks, durable and non-durable spending co-move positively, and durable spending exhibits a much larger sensitivity to the shocks. A standard two-sector New Keynesian model with perfect financial markets is at odds with these facts. The introduction of a borrowing constraint, where durables play the role of collateral assets, helps in reconciling the model with the empirical evidence. (C) 2008 Elsevier B.V. All rights reserved.