KDI 한국개발연구원 - 경제정책정보 - 국내외연구자료 주제 - 경제일반 - 경제일반 -

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Monetary Policy, Price Setting, and Credit Constraints

CEPR 2019.12.24
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We estimate the effects of monetary policy on price-setting behavior in administrative micro data underlying the German producer price index. We find a strong degree of monetary non-neutrality. After expansionary monetary policy, the mass of additional price adjustments is economically small and the average absolute size across all price changes falls. The aggregate price level hardly adjusts, and monetary policy has real effects. These estimates rule out quantitative structural models that generate small and transient effects of monetary policy through selection on large price adjustments. We provide evidence that monetary policy propagates primarily through production units with weak financial positions.

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