作者：Galesi, Alessandro; Rachedi, Omar
作者单位：Banco de Espana
摘要：The structural transformation from manufacturing to services comes with a process of services deepening: the services share of intermediate inputs rises over time. Moreover, inflation reacts less to monetary policy shocks in countries that are more intensive in services intermediates. We rationalize these facts using a two-sector New Keynesian model where trends in sectoral productivities generate endogenous variations in the Input-Output matrix. Services deepening reduces the contemporaneous ...
