Liberation Theology Undercover
In: Political theology, Band 18, Heft 4, S. 325-339
ISSN: 1743-1719
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In: Political theology, Band 18, Heft 4, S. 325-339
ISSN: 1743-1719
In: Journal of international economics, Band 150, S. 103913
ISSN: 0022-1996
In: Journal of international economics, Band 149, S. 103941
ISSN: 0022-1996
In: CEPR Discussion Paper No. DP14594
SSRN
Working paper
In: Journal of economic dynamics & control, Band 36, Heft 5, S. 779-794
ISSN: 0165-1889
In: Journal of economic dynamics & control, Band 35, Heft 11, S. 1817-1830
ISSN: 0165-1889
SSRN
Working paper
In: FRB of St. Louis Working Paper No. 2011-027E
SSRN
Working paper
This paper deals with the implications of factor demand linkages for monetary policy design. We develop a dynamic general equilibrium model with two sectors that produce durable and non-durable goods, respectively. Part of the output produced in each sector is used as an intermediate input of production in both sectors, according to an input-output matrix calibrated on the US economy. As shown in a number of recent contributions, this roundabout technology allows us to reconcile standard two-sector New Keynesian models with the empirical evidence showing co-movement between durable and non-durable spending in response to a monetary policy shock. A main result of our monetary policy analysis is that strategic complementarities generated by factor demand linkages amplify social welfare loss. As the degree of interconnection between sectors increases, the cost of misperceiving the correct production technology of each sector can rise substantially. In addition, the transmission of different sources of exogenous perturbation is altered, compared to what is commonly observed in standard two-sector models without factor demand linkages. In this respect, the role of the relative price of non-durable goods is crucial, as this does not only influence the user cost of durables through the conventional demand channel, but also affects in opposite directions the real marginal cost of production in either sector through the intermediate input channel.
BASE
In: IMF Working Paper No. 2024/082
SSRN
In: Economics letters, Band 181, S. 22-27
ISSN: 0165-1765
In: International journal of forecasting, Band 33, Heft 2, S. 482-501
ISSN: 0169-2070
In: CEPR Discussion Paper No. DP17162
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In: European Stability Mechanism Working Paper No. 53
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In: Journal of economic dynamics & control, Band 105, S. 265-282
ISSN: 0165-1889