Are Supply Shocks Contractionary at the ZLB? Evidence from Utilization-Adjusted TFP Data
收藏NBER2016-06-01 更新2025-01-04 收录
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https://www.nber.org/papers/w22311
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资源简介：
The basic New Keynesian model predicts that positive supply shocks are less expansionary at the zero lower bound (ZLB) compared to periods of active monetary policy. We test this prediction empirically using Fernald's (2014) utilization-adjusted total factor productivity series, which we take as a
提供机构：
美国国家经济研究局
创建时间：
2016-06-01
