Are Technology Shocks More Expansionary at the ZLB?

IF 0.8 4区经济学 Q3 ECONOMICS

Cesifo Economic Studies Pub Date : 2021-03-16 DOI:10.1093/CESIFO/IFAB002

Yangyang Ji

引用次数: 0

Abstract

Garín et al.’s (2019) empirical study shows that a positive technology shock is more expansionary when the ZLB binds than when it does not. This cannot be explained by a basic new-Keynesian model with sticky prices. In this paper, I resolve this puzzle by extending the model to include wage stickiness. (JEL codes: E32, E52, E62, N12)

查看原文本刊更多论文

ZLB的科技冲击是否更具扩张性?

Garín等人（2019）的实证研究表明，当ZLB结合时，积极的技术冲击比不结合时更具扩张性。这不能用具有粘性价格的新凯恩斯主义基本模型来解释。在本文中，我通过将模型扩展到包括工资粘性来解决这个难题。（JEL代码：E32、E52、E62、N12）

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Cesifo Economic Studies ECONOMICS-

CiteScore

2.70

自引率

7.70%

发文量

期刊介绍： CESifo Economic Studies publishes provocative, high-quality papers in economics, with a particular focus on policy issues. Papers by leading academics are written for a wide and global audience, including those in government, business, and academia. The journal combines theory and empirical research in a style accessible to economists across all specialisations.