Collateral Constraints, Sticky Wages, and Monetary Policy
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This paper investigates the role of collateral constraints in the transmission ofmonetary policy shocks in a two-sector sticky price general equilibrium model withnondurable and durable goods. While many researchers have stressed the role ofcollateral constraints in a one-sector sticky price model, the role of such constraintsin two-sector sticky price models has been relatively underexplored. This studyshows that nominal wage rigidity is crucial for collateral constraints to acceleratethe effects of monetary policy shocks on durable spending in the two-sector stickyprice general equilibrium model.
Abstract
This paper investigates the role of collateral constraints in the transmission ofmonetary policy shocks in a two-sector sticky price general equilibrium model withnondurable and durable goods. While many researchers have stressed the role ofcollateral constraints in a one-sector sticky price model, the role of such constraintsin two-sector sticky price models has been relatively underexplored. This studyshows that nominal wage rigidity is crucial for collateral constraints to acceleratethe effects of monetary policy shocks on durable spending in the two-sector stickyprice general equilibrium model.
참고문헌 (22)
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