The extensive margin and monetary policy

被引：78

作者：

Bergin, Paul R. ^{[1
]}

Corsetti, Giancarlo ^{[2
,3
]}

机构：

[1] Univ Calif Davis, Dept Econ, Davis, CA 95616 USA

[2] European Univ Inst, Robert Schuman Ctr Adv Studies, I-50016 Fiesole, Italy

[3] Univ Rome III, Rome, Italy

来源：

JOURNAL OF MONETARY ECONOMICS | 2008年 / 55卷 / 07期

关键词：

Productivity; Monetary policy; Market dynamics;

D O I：

10.1016/j.jmoneco.2008.08.011

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The creation of new firms, referred to as the extensive margin, is a significant but overlooked dimension of monetary policy. A monetary VAR documents that monetary policy has significant effects on firm creation. An analytically tractable model combining sticky prices and firm entry shows that entry alters the transmission of monetary policy innovations, acting much like a type of investment in more standard models. Monetary policy rules that offset the uncertainty of productivity shocks can raise the mean level of entry and thereby welfare, suggesting a new motivation for stabilization policy. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：1222 / 1237

页数：16

共 29 条

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