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Are Technology Shocks More Expansionary at the ZLB?

Yangyang Ji

CESifo Economic Studies, 2021, vol. 67, issue 3, 296-317

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)

Keywords: technology shock; zero lower bound; wage stickiness (search for similar items in EconPapers)
Date: 2021
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