文献详情
The effects of monetary policy on input inventories
文献类型：期刊
通讯作者：Liu, XB (reprint author), Renmin Univ China, Sch Labor & Human Resources, 59 Zhongguancun St, Beijing 100872, Peoples R China.
期刊名称：B E JOURNAL OF MACROECONOMICS
年：2020
卷：20
期：1
ISSN：1935-1690
关键词：business cycles; input inventories; monetary policy; monetary search
所属部门：劳动人事学院
摘要：This paper explores both the long-run and short-run effects of monetary policy on input inventories in a search model with monetary propagation and two-stage production. Inventories arise endogenously due to search frictions. In the long run, we analytically show that an increase in the money growth rate has hump-shaped real effects on steady-state input inventory investment, input inventory-to-sales ratio as well as sales. These effects are driven by both the extensive and intensive margins in ...More
This paper explores both the long-run and short-run effects of monetary policy on input inventories in a search model with monetary propagation and two-stage production. Inventories arise endogenously due to search frictions. In the long run, we analytically show that an increase in the money growth rate has hump-shaped real effects on steady-state input inventory investment, input inventory-to-sales ratio as well as sales. These effects are driven by both the extensive and intensive margins in the finished goods market. We then calibrate the model to the US data to study the short-run effects of monetary policy. We first show that our model can reproduce the stylized facts of input inventories quite well and then find that input inventories amplify aggregate fluctuations over business cycles. ...Hide

DOI：10.1515/bejm-2017-0251
百度学术：The effects of monetary policy on input inventories
语言：外文
人气指数：2
浏览次数：2
基金：Fundamental Research Funds for the Central UniversitiesFundamental Research Funds for the Central Universities; Research Funds of Renmin University of China [19XNI002]
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