English, Article, Journal or magazine article edition: Capacity utilization and Monetary Policy Pedro Pablo Álvarez Lois

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Bookmark: http://trove.nla.gov.au/version/158039
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Capacity utilization and Monetary Policy
Author
  • Pedro Pablo Álvarez Lois
Physical Description
  • preprint
Notes
  • 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.
  • Capacity Constraints, Nominal Rigidities Idiosyncratic Uncertainty, Asymmetries
  • RePEc:bde:wpaper:0306
Language
  • English
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