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Understanding the Great Recession - Board of Governors of the Federal Reserv,Board of Governors of the Federal Reserve System

Anglų
2015-03-10
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30 dienų grąžinimo politika

We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to �nancial frictions interacting with the zero lower bound. We reach this conclusion looking through the lens of a New Keynesian model in which �rms face moderate degrees of price rigidities and no nominal rigidities in the wage setting process. Our model does a good job of accounting for the jo ... Visas aprašymas

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We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to �nancial frictions interacting with the zero lower bound. We reach this conclusion looking through the lens of a New Keynesian model in which �rms face moderate degrees of price rigidities and no nominal rigidities in the wage setting process. Our model does a good job of accounting for the joint behavior of labor and goods markets, as well as in�ation, during the Great Recession. According to the model the observed fall in total factor productivity and the rise in the cost of working capital played critical roles in accounting for the small size of the drop in in�ation that occurred during the Great Recession.

Daugiau informacijos

Autorius Board of Governors of the Federal Reserv, Board of Governors of the Federal Reserve System
Leidėjas CreateSpace Independent Publishing Platform
Išleidimo metai 2015
Viršelio tipas Minkšti viršeliai
EAN 9781508806387
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15,74 € 20,98 €