没有（和有）价格粘性的货币不对称

IF 1.5 3区经济学 Q2 ECONOMICS

International Economic Review Pub Date : 2023-10-16 DOI:10.1111/iere.12677

IVAN JACCARD

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引用次数: 0

摘要

证据表明，货币政策传导在商业周期中是不对称的。融资摩擦与流动性偏好的相互作用为这一事实提供了解释。我们的模型再现了一系列资产市场和商业周期事实。说明资产价格和商业周期波动的共同动态是关键；在无法产生现实宏观金融影响的模型变体中，货币非对称性消失了。因此，诉诸非线性技术不足以发现货币非对称性。传导机制中的非线性因素也关键取决于货币政策模型的宏观金融影响。

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MONETARY ASYMMETRIES WITHOUT (AND WITH) PRICE STICKINESS

The evidence suggests that monetary policy transmission is asymmetric over the business cycle. Interacting financing frictions with a preference for liquidity provides an explanation for this fact. Our model reproduces a set of asset market and business cycle facts. Accounting for the joint dynamics of asset prices and business cycle fluctuations is key; in a variant of the model that is unable to produce realistic macrofinance implications, monetary asymmetries disappear. Resorting to nonlinear techniques is therefore not sufficient to detect monetary asymmetries. Nonlinearities in the transmission mechanism also critically depend on the macrofinance implications of monetary policy models.

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来源期刊

International Economic Review ECONOMICS-

CiteScore

2.60

自引率

0.00%

发文量

期刊介绍： The International Economic Review was established in 1960 to provide a forum for modern quantitative economics. From its inception, the journal has tried to stimulate economic research around the world by publishing cutting edge papers in many areas of economics, including econometrics, economic theory, macro, and applied economics.