دانلود مقاله ISI انگلیسی شماره 112167
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
112167 2018 77 صفحه PDF سفارش دهید 23786 کلمه
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عنوان انگلیسی
Monetary policy and the relative price of durable goods
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Economic Dynamics and Control, Volume 86, January 2018, Pages 1-48

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چکیده انگلیسی

In a Structural Vector-Autoregressive model of the US, the response of the relative price of durables to a monetary policy contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new-house and nondurables prices. These findings are rationalized via the estimation of two-sector New-Keynesian (NK) models. Durables prices are estimated to be as sticky as those of nondurables, leading to a flat relative price response to a monetary policy shock. Conversely, house prices are estimated to be almost flexible. Such results survive several robustness checks and a three-sector extension of the NK model. These findings have implications for building NK models with durable and nondurable goods, and for the conduct of monetary policy.

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