This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Capacity utilization and Monetary Policy Author info | Abstract | Publisher info | Download info | Related research | Statistics Pedro Pablo Álvarez Lois () (Universidad Carlos III de Madrid)
Additional information is available for the following
registered author(s):
This paper presents a model featuring variable utilization rates across firms due to production inflexibilities and idiosyncratic demand uncertainty. Within a New Keynesian framework, we show how the corresponding bottlenecks and stock-outs generate asymmetries in the transmission mechanism of monetary policy. We derive an expression for the Phillips curve where the dynamics of inflation depend on real marginal costs and on a measure of resource underutilization.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Paper provided by Banco de España in its series Banco de España Working Papers with number
0306.
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Length: 48 pages
Date of creation: May 2003Date of revision:
Handle: RePEc:bde:wpaper:0306Contact details of provider: Email: Web page: http://www.bde.es/ More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (María D. González. Electronic Dissemination of Information Unit. Research Department. Banco de España).
Keywords: Capacity Constraints ; Nominal Rigidities Idiosyncratic Uncertainty ; Asymmetries ; Find related papers by JEL classification: E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.:
Basu, Susanto & Fernald, John G, 1997.
"Returns to Scale in U.S. Production: Estimates and Implications ,"
Journal of Political Economy ,
University of Chicago Press, vol. 105(2), pages 249-83, April.
Other versions: Alfonso Novales & Emilio Dominguez & Javier J. Perez & Jesus Ruiz, 1998.
"Solving Non-linear Rational Expectations Models By Eigenvalue-Eigenvector Decompositions ,"
QM&RBC Codes
124, Quantitative Macroeconomics & Real Business Cycles.
[Downloadable!]
Hairault, Jean-Olivier & Portier, Franck, 1993.
"Money, New-Keynesian macroeconomics and the business cycle ,"
European Economic Review ,
Elsevier, vol. 37(8), pages 1533-1568, December.
[Downloadable!] (restricted)
Other versions: Cover, James Peery, 1992.
"Asymmetric Effects of Positive and Negative Money-Supply Shocks ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 107(4), pages 1261-82, November.
[Downloadable!] (restricted)
Dolado, Juan J. & María-Dolores, Ramón & Ruge-Murcia, Francisco J., 2002.
"Non-Linear Monetary Policy Rules: Some New Evidence for the US ,"
CEPR Discussion Papers
3405, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Dolado, J.J. & Maria-Dolores, R. & Ruge-Murcia, F.J., 2003.
"Nonlinear Monetary Policy Rules: Some New Evidence for the U.S ,"
Cahiers de recherche
18-2003, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
[Downloadable!] DOLADO, J.J. & MARIA-DOLORES, R. & RUGE-MURCIA, Francisco J., 2003.
"Nonlinear Monetary Policy Rules: Some New Evidence for the U.S ,"
Cahiers de recherche
2003-24, Universite de Montreal, Departement de sciences economiques.
[Downloadable!] J. J. Dolado & R. Maria-Dolores & F. J. Ruge-Murcia, 2002.
"Nonlinear Monetary Policy Rules: Some New Evidence For The Us ,"
Economics Working Papers
we022910, Universidad Carlos III, Departamento de Economía.
[Downloadable!] Juan Dolado & Ramón María-Dolores Pedrero & Francisco J. Ruge-Murcia, 2004.
"Nonlinear Monetary Policy Rules: Some New Evidence for the U.S ,"
Studies in Nonlinear Dynamics & Econometrics ,
Berkeley Electronic Press, vol. 8(3).
[Downloadable!] Tambakis, Demosthenes N, 2002.
"Expected Social Welfare under a Convex Philips Curve and Asymmetric Policy Preferences ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 34(2), pages 434-49, May.
Eric Schaling, .
"The non-linear Phillips curve and inflation forecast targeting ,"
Bank of England working papers
98, Bank of England.
[Downloadable!]
Greenwood, Jeremy & Hercowitz, Zvi & Huffman, Gregory W, 1988.
"Investment, Capacity Utilization, and the Real Business Cycle ,"
American Economic Review ,
American Economic Association, vol. 78(3), pages 402-17, June.
[Downloadable!] (restricted)
Julio J. Rotemberg & Michael Woodford, 1999.
"Interest Rate Rules in an Estimated Sticky Price Model ,"
NBER Chapters ,
in: Monetary Policy Rules, pages 57-126
National Bureau of Economic Research, Inc.
[Downloadable!]
Other versions: Glenn D. Rudebusch, 2001.
"Is The Fed Too Timid? Monetary Policy In An Uncertain World ,"
The Review of Economics and Statistics ,
MIT Press, vol. 83(2), pages 203-217, May.
[Downloadable!] (restricted)
Other versions: Ireland, Peter N., 1997.
"A small, structural, quarterly model for monetary policy evaluation ,"
Carnegie-Rochester Conference Series on Public Policy ,
Elsevier, vol. 47(1), pages 83-108, December.
[Downloadable!] (restricted)
Karras, Georgios, 1996.
"Are the Output Effects of Monetary Policy Asymmetric? Evidence from a Sample of European Countries ,"
Oxford Bulletin of Economics and Statistics ,
Department of Economics, University of Oxford, vol. 58(2), pages 267-78, May.
Jean-François Fagnart & Omar Licandro & Franck Portier, 1999.
"Firm Heterogeneity, Capacity Utilization and the Business Cycle ,"
Review of Economic Dynamics ,
Elsevier for the Society for Economic Dynamics, vol. 2(2), pages 433-455, April.
[Downloadable!] (restricted)
Rotemberg, Julio J & Woodford, Michael, 1992.
"Oligopolistic Pricing and the Effects of Aggregate Demand on Economic Activity ,"
Journal of Political Economy ,
University of Chicago Press, vol. 100(6), pages 1153-1207, December.
[Downloadable!] (restricted)
Other versions: Neville Francis & Valerie A. Ramey, 2002.
"Is the Technology-Driven Real Business Cycle Hypothesis Dead? ,"
NBER Working Papers
8726, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Michele Boldrin & Lawrence J. Christiano & Jonas D. M. Fisher, 2000.
"Habit persistence, asset returns and the business cycle ,"
Staff Report
280, Federal Reserve Bank of Minneapolis.
[Downloadable!]
Other versions:
Michele Boldrin & Lawrence J. Christiano & Jonas D.M. Fisher, 1999.
"Habit persistence, asset returns and the business cycles ,"
Working Paper Series
WP-99-14, Federal Reserve Bank of Chicago.
Michele Boldrin & Lawrence J. Christiano & Jonas D. M. Fisher, 2001.
"Habit Persistence, Asset Returns, and the Business Cycle ,"
American Economic Review ,
American Economic Association, vol. 91(1), pages 149-166, March.
[Downloadable!] (restricted)
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Radim Bohacek & Hugo Rodriguez Mendizabal, 2003.
"Credit Markets and the Propagation of Monetary Policy Shocks ,"
UFAE and IAE Working Papers
599.04, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
[Downloadable!]
Other versions:
Radim Bohacek & Hugo Rodriguez Mendizabal, 2004.
"Credit markets and the propagation of monetary policy shocks ,"
CERGE-EI Working Papers
wp244, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
[Downloadable!] RADIM BOHÁČEK & HUGO RODRÍGUEZ MENDIZÁBAL, 2007.
"Credit Markets and the Propagation of Monetary Policy Shocks ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 39(6), pages 1429-1455, 09.
[Downloadable!] (restricted)
Access and
download statistics Did you know? Each page is provided with a technical contact, in case something is not right with the supplied information. See under "publisher info".
This page was last updated on 2009-12-21.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .