美联储-需求冲击、滞后与货币政策（英）-2022

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美联储-需求冲击、滞后与货币政策（英）-2022

# 需求 # 货币政策大小：0.75M | 页数：43 | 上架时间：2022-12-07 | 语言：英文

美联储-需求冲击、滞后与货币政策（英）-2022.pdf

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美联储-需求冲击、滞后与货币政策（英）-2022.pdf

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类型: 宏观

上传者: GHY-s

撰写机构: 美联储

出版日期: 2022-11-27

摘要：

This paper builds a micro-founded general equilibrium model of hysteresis in which changing composition of rms with heterogeneous qualities in response to demand shocks alter the total factor productivity of the economy through a process of \creative destruction". Hysteresis fundamentally challenges existing consensus on stabilization policies: the complete stabilization of demand shocks becomes suboptimal as demand creates its own supply; scal multiplier can be substantially larger than 1; an opportunistic monetary policymaker, who adopts a lenient policy reaction to positive demand shocks, but provides decisive monetary stimulus in response to negative demand shocks, can bring large welfare gains.

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