论文标题
货币政策和企业动态
Monetary Policy and Firm Dynamics
论文作者
论文摘要
公司的动态对于货币政策的传播至关重要吗？从经验上讲，启动率在货币收缩后下降，而退出率提高，这两者都减少了总体就业机会。我提出了一个模型，将企业动力学在Hopenhayn（1992）和新键的摩擦中结合在一起，并将其校准以匹配横断面证据。该模型可以定性地说明进入和退出率对货币政策冲击的响应。但是，宏观经济变量的响应与代表性企业模型中的响应非常相似。我讨论了这种近似等效性的基础力的平衡力，以及可能推翻这一结果的均衡力。
Do firm dynamics matter for the transmission of monetary policy? Empirically, the startup rate declines following a monetary contraction, while the exit rate increases, both of which reduce aggregate employment. I present a model that combines firm dynamics in the spirit of Hopenhayn (1992) with New-Keynesian frictions and calibrate it to match cross-sectional evidence. The model can qualitatively account for the responses of entry and exit rates to a monetary policy shock. However, the responses of macroeconomic variables closely resemble those in a representative-firm model. I discuss the equilibrium forces underlying this approximate equivalence, and what may overturn this result.
