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首页> 外文期刊>Journal of Macroeconomics >Inflationary effects of monetary policies in newly industrialized economies with, cross-sectoral labor and capital immobility
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Inflationary effects of monetary policies in newly industrialized economies with, cross-sectoral labor and capital immobility

机译：新兴经济体中货币政策的通货膨胀效应，以及跨部门劳动力和资本流动

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This paper studies the effects of monetary policies in newly industrialized economies characterized by extremely low level of labor and capital mobility between urban and rural sectors. Policies are executed in the urban sector which sends waves of adjustments in the rest of the economy. I show that with liquidity constraints and immobility in labor and capital, the sector-specific effects are markedly different from those in a one-sector economy. In particular, they are asymmetric and the rural sector lags behind the urban sector during adjustment process. This explains temporary phases of significantly high inflation with uneven sectoral effects which often accompany major reforms in the banking and monetary institutions of such economies, e.g. in case of India. Finally, as consumption patterns alter in such an economy undergoing structural changes, the sectoral distribution of liquidity is affected inducing dissimilar responses to shocks, both within and between sectors. (C) 2016 Elsevier Inc. All rights reserved.
机译：本文研究了货币政策对新兴工业化经济体的影响，这些经济体的特征是城乡部门之间的劳动力和资本流动性极低。在城市部门执行政策，这在其他经济领域引起了调整浪潮。我表明，由于流动性的限制以及劳动力和资本的不流动，特定部门的影响与一部门经济中的显着不同。特别是，它们是不对称的，在调整过程中农村部门落后于城市部门。这解释了通货膨胀率高企，部门效应不均衡的临时阶段，这些阶段通常伴随着此类经济体的银行和货币机构的重大改革，例如如果是印度。最后，随着经济结构发生结构性变化，消费方式发生了变化，流动性的部门分布受到影响，导致部门内部和部门之间对冲击的反应不同。 （C）2016 Elsevier Inc.保留所有权利。

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