• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of Development Economics >Does informality facilitate inflation stability?
【24h】

Does informality facilitate inflation stability?

机译：非正式性是否有助于通胀稳定？

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Informality is a structural trait in emerging economies affecting the behavior of labor markets, financial access and economy-wide productivity. This paper develops a simple general equilibrium closed economy model with nominal rigidities, labor and financial frictions to analyze the transmission of shocks and of monetary policy. In the model, the informal sector provides a flexible margin of adjustment to the labor market at the cost of lower productivity. In addition, only formal sector firms have access to financing, which is instrumental in their production process. In a quantitative version of the model calibrated to Mexican data, we find that informality: (i) dampens the impact of demand and financial shocks, as well as of technology shocks specific to the formal sector, on wages and inflation, but (ii) heightens the inflationary impact of aggregate technology shocks. presence of an informal sector also increases the sacrifice ratio of monetary policy actions. From a Central Bank perspective, the results imply that informality mitigates inflation volatility for most type of shocks but makes monetary policy less effective.
机译：非正式性是新兴经济体的结构性特征，影响劳动力市场的行为，财务获取和经济性生产力。本文开展了一个简单的普通均衡封闭经济模型，具有名义刚性，劳动力和金融摩擦，分析了震动和货币政策的传播。在该模型中，非正式部门以生产率降低的成本为劳动力市场提供了灵活的调整边际。此外，只有正式的部门公司可以获得融资，这在其生产过程中是有用的。在校准墨西哥数据的模型的定量版本中，我们发现非正式性：（i）抑制了需求和金融冲击的影响，以及正式部门特定的技术冲击，工资和通货膨胀，但（二）加剧骨料技术冲击的通胀影响。非正式部门的存在还提高了货币政策行动的牺牲比例。从中央银行的角度来看，结果意味着非正式性减轻了大多数类型的冲击的通胀波动，但制定了货币政策。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号