頁籤選單縮合
題 名 | Horizontal Input-Output Structure and Price Stickiness: Output Persistence and Inflation Inertia under Monetary Shocks |
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作 者 | Xue, Hexiang; | 書刊名 | Journal of Management Science & Statistical Decision |
卷 期 | 7:2 2010.06[民99.06] |
頁 次 | 頁32-48 |
分類號 | 561.1 |
關鍵詞 | Horizontal input-ouput structure; Sticky price; Output persistence; Inflation inertia; Money supply shock; |
語 文 | 英文(English) |
英文摘要 | The dynamic responses of output and inflation under monetary shocks are the emphasis of monetary economic cycle research. We introduce the empirical horizontal input-output structure into a standard new Keynesian sticky price macroeconomic model. We model the importance of intermediate input in production, and extend the research on the basis of this model. From China’s input-output table, we estimate the ratio of intermediate good divided by gross output as 60%, which indicates the importance of intermediate good in the production and also the sophistication of production. From this ratio, we calibrate the elasticity of intermediate good to gross output ( ) is about 0.7. When introducing the empirical input-output structure, the output persistence and inflation inertia both increase significantly. The larger the is, the more the persistence is. This structure may explore a new transmission mechanism for monetary shocks. By applying both theoretical analysis and dynamic numerical simulation, we validate this persistence. |
本系統中英文摘要資訊取自各篇刊載內容。