Hysteresis From Monetary Policy Mistakes: How Bad Could It Be?
Códigos JEL.: E52, E58, O11, O40, O41, O42, O47
- Autores:
-
Dávila-Ospina, Andrés O.
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2023
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/73159
- Acceso en línea:
- https://hdl.handle.net/1992/73159
- Palabra clave:
- Hysteresis
Monetary policy
Endogenous growth
Productivity
Firms’ exit
Unemployment
Economía
- Rights
- openAccess
- License
- http://purl.org/coar/access_right/c_abf2
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Hysteresis From Monetary Policy Mistakes: How Bad Could It Be? |
| title |
Hysteresis From Monetary Policy Mistakes: How Bad Could It Be? |
| spellingShingle |
Hysteresis From Monetary Policy Mistakes: How Bad Could It Be? Hysteresis Monetary policy Endogenous growth Productivity Firms’ exit Unemployment Economía |
| title_short |
Hysteresis From Monetary Policy Mistakes: How Bad Could It Be? |
| title_full |
Hysteresis From Monetary Policy Mistakes: How Bad Could It Be? |
| title_fullStr |
Hysteresis From Monetary Policy Mistakes: How Bad Could It Be? |
| title_full_unstemmed |
Hysteresis From Monetary Policy Mistakes: How Bad Could It Be? |
| title_sort |
Hysteresis From Monetary Policy Mistakes: How Bad Could It Be? |
| dc.creator.fl_str_mv |
Dávila-Ospina, Andrés O. |
| dc.contributor.author.none.fl_str_mv |
Dávila-Ospina, Andrés O. |
| dc.subject.keyword.none.fl_str_mv |
Hysteresis Monetary policy Endogenous growth Productivity Firms’ exit Unemployment |
| topic |
Hysteresis Monetary policy Endogenous growth Productivity Firms’ exit Unemployment Economía |
| dc.subject.themes.none.fl_str_mv |
Economía |
| description |
Códigos JEL.: E52, E58, O11, O40, O41, O42, O47 |
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2023 |
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2023-12-12T21:19:34Z |
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2023-12-12T21:19:34Z |
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2023-12 |
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10.57784/1992/73159 |
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1657-7191 10.57784/1992/73159 |
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eng |
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eng |
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Documentos CEDE; 2023-40 |
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58 páginas |
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Universidad de los Andes |
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Facultad de Economía |
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Universidad de los Andes |
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Dávila-Ospina, Andrés O.2023-12-12T21:19:34Z2023-12-12T21:19:34Z2023-121657-7191https://hdl.handle.net/1992/7315910.57784/1992/73159Códigos JEL.: E52, E58, O11, O40, O41, O42, O47What would happen if the central bank makes a mistake facing a crisis? This paper argues that it would leave scars in the long-run trend of production. If monetary policy is not expansionary-enough during crises, an inefficient rise of the interest rate intensifies the scarring effects of recessions. The hysteresis effect comes from higher innovation costs that induce a drop in productivity growth, an indiscriminate firms’ exit process, and a rise in unemployment. This article presents a theoretical model that rationalizes these mechanisms. The theory suggests that, in the longrun, even though growth recovers to its pre-shock rate and the economy converges to full firms’ survival and full employment, the long-term output level is persistently lower than the level it would have reached in the absence of errors.¿Qué pasaría si el banco central comete un error durante una crisis? Este artículo argumenta que esto dejaría cicatrices en la tendencia de largo plazo del producto. Si la política monetaria no es lo suficientemente expansiva durante una crisis, una subida ineficiente de las tasas de interés intensifica los costos de largo plazo de las recesiones. El efecto de hysteresis proviene de un incremento en los costos de la innovación que genera una caída del crecimiento de la productividad, salida no discriminada de firmas y un aumento del desempleo. Este trabajo presenta un modelo teórico que racionaliza estos mecanismos. La teoría sugiere que, en el largo plazo, aunque el crecimiento se recupere por completo y la economía converja a supervivencia completa de las firmas y pleno empleo, el nivel del producto de largo plazo será persistentemente menor al nivel que se hubiera alcanzado en ausencia de errores.58 páginasapplication/pdfengUniversidad de los AndesFacultad de EconomíaDocumentos CEDE; 2023-40https://ideas.repec.org/p/col/000089/021003.htmlHysteresis From Monetary Policy Mistakes: How Bad Could It Be?Documento de trabajoinfo:eu-repo/semantics/workingPaperinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttp://purl.org/redcol/resource_type/WPHysteresisMonetary policyEndogenous growthProductivityFirms’ exitUnemploymentEconomíainfo:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2PublicationORIGINALdcede2023-40.pdfdcede2023-40.pdfapplication/pdf9162785https://repositorio.uniandes.edu.co/bitstreams/914391a6-18ec-452d-9bd6-57fd6010b4b6/downloadf4d9f6e6e533ba2eab99c241cce9d521MD51LICENSElicense.txtlicense.txttext/plain; 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