Idiosyncratic Shocks, Lumpy Investment and the Monetary Transmission Mechanism
نویسندگان
چکیده
Abstract Standard (S, s) models of lumpy investment allow us to match many aspects the micro data, but it is well known that implied interest rate sensitivity unrealistically large. In fact, micro-level lumpiness in puts empirical discipline on modeling decisions, and this makes hard explain monetary policy transmission mechanism.
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ژورنال
عنوان ژورنال: B E Journal of Macroeconomics
سال: 2023
ISSN: ['2194-6116', '1935-1690']
DOI: https://doi.org/10.1515/bejm-2022-0129