A Note on Temporary Supply Shocks with Aggregate Demand Inertias

被引：3

作者：

Caballero, Ricardo J. ^{[1
,2
]}

Simsek, Alp ^{[2
,3
,4
]}

机构：

[1] MIT Dept Econ, Cambridge, MA USA

[2] NBER, Cambridge, MA 02138 USA

[3] Yale Sch Management, New Haven, CT 06511 USA

[4] CEPR, Washington, DC 20009 USA

来源：

AMERICAN ECONOMIC REVIEW-INSIGHTS | 2023年 / 5卷 / 02期

基金：

美国国家科学基金会;

关键词：

OPTIMAL MONETARY-POLICY; HABIT FORMATION; CONSUMPTION; COSTS;

D O I：

10.1257/aeri.20220109

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study optimal monetary policy during temporary supply con-tractions when aggregate demand has inertia and the central bank is concerned about future constraints on expansionary policy. In this environment, it is optimal to run the economy hot until supply recovers. However, the policy does not remain loose throughout the low-supply phase. Overall, when the initial aggregate demand is low, the goal is to frontload the rate cuts to raise demand in anticipation of the recovery of supply. If inflation also has inertia, the central bank still overheats the economy during the low-supply phase but gradually cools it down over time. (JEL E12, E21, E23, E31, E43, E52)

引用

页码：241 / 258

页数：18

共 25 条

[1] Implications of habit formation for optimal monetary policy [J].