{"title":"Are Technology Shocks More Expansionary at the ZLB?","authors":"Yangyang Ji","doi":"10.1093/CESIFO/IFAB002","DOIUrl":null,"url":null,"abstract":"\n Garín et al.’s (2019) empirical study shows that a positive technology shock is more expansionary when the ZLB binds than when it does not. This cannot be explained by a basic new-Keynesian model with sticky prices. In this paper, I resolve this puzzle by extending the model to include wage stickiness. (JEL codes: E32, E52, E62, N12)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.8000,"publicationDate":"2021-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/CESIFO/IFAB002","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Cesifo Economic Studies","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1093/CESIFO/IFAB002","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
Garín et al.’s (2019) empirical study shows that a positive technology shock is more expansionary when the ZLB binds than when it does not. This cannot be explained by a basic new-Keynesian model with sticky prices. In this paper, I resolve this puzzle by extending the model to include wage stickiness. (JEL codes: E32, E52, E62, N12)
期刊介绍：
CESifo Economic Studies publishes provocative, high-quality papers in economics, with a particular focus on policy issues. Papers by leading academics are written for a wide and global audience, including those in government, business, and academia. The journal combines theory and empirical research in a style accessible to economists across all specialisations.
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