期刊刊名：管理科學與統計決策 　 卷期：7卷2期

篇名出版日期：2010年6月1日

作者：Hexiang Xue

語言：English

關鍵字：Horizontal Input-Output Structure,Sticky Price,Output Persistence,Inflation Inertia,Money Supply Shock

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摘要：
The dynamic responses of output and inflation under monetary shocks are the emphasis of monetary economic cycle research. We introduce the empirical horizontal input-output structure into a standard new Keynesian sticky price macroeconomic model. We model the importance of intermediate input in production, and extend the research on the basis of this model. From China’s input-output table, we estimate the ratio of intermediate good divided by gross output as 60%, which indicates the importance of intermediate good in the production and also the sophistication of production. From this ratio, we calibrate the elasticity of intermediate good to gross output (Ø) is about 0.7. When introducing the empirical input-output structure, the output persistence and inflation inertia both increase significantly. The larger the Ø is, the more the persistence is. This structure may explore a new transmission mechanism for monetary shocks. By applying both theoretical analysis and dynamic numerical simulation, we validate this persistence.

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