THE TRANSMISSION OF MONETARY POLICY IN A MULTISECTOR ECONOMY

• 成果类型: Article
• 署名作者: Bouakez, Hafedh; Cardia, Emanuela; Ruge-Murcia, Francisco J.
• 署名单位: Universite de Montreal; Universite de Montreal; Universite de Montreal; HEC Montreal
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2009.00567.x
• 发表日期: 2009
• 页码: 1243-1266
• 关键词: sticky-price models; business-cycle; RIGIDITY; persistence; money

摘要

This article constructs and estimates a sticky-price, Dynamic Stochastic General Equilibrium model with heterogeneous production sectors. Firms in different sectors vary in their price rigidity, production technology, and the combination of material and investment inputs. In particular, firms buy inputs from all sectors using the actual Input-Output Matrix and Capital Flow Table of the U.S. economy. By relaxing the standard assumption of symmetry, this model allows idiosyncratic sectoral dynamics in response to monetary policy shocks. The model is estimated by the Generalized Method of Moments using sectoral and aggregate U.S. time series.