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1、Whatarethee ectsof scalshocks?II:NewKeynesianmodelsFabioCanovaICREA-UPF,CREI,CREMeD,AMeNandCEPRMay2010ReferencesBouakez,H.andRebei,N.,2007,Whydoesprivateconsumptionriseafteragovernmentspendingshock,CanadianJournalofEconomics,40,954-979.Canova,F.andPausti
2、an,M,2009,Measurementwithsometheory:anewmethodtoevaluatebusinesscyclemodels,UPFmanuscript.Gali,J.,J.D.Lopez-Salido,andJ.Valles,2007,Understandingthee ectsofgovernmentspendingonconsumption,JournaloftheEuropeanEconomicAssociation,5,227-270.Linneman,L.andSc
3、habert,A.,2003,Fiscalpolicyintheneoclassicalsynthesis,JournalofMoneyCreditandBanking,35,911-930.Monacelli,TandPerotti,R.,2008,FiscalPolicy,WealthE ectsandMarkups,forthcom-ing,EconomicJournal.Pappa,E.,2009,Thee ectsof scalshocksonemploymentandtherealwage,
4、Interna-tionalEconomicReview,50,217-244.Ravn,M.,Schmitt-Grohe,SandUribe,M.,2006,Deephabits,ReviewofEconomicStudies.Ravn,M.,Schmitt-Grohe,SandUribe,M.,2007,Explainingthee ectofgovernmentspendingonconsumptionandtherealexchangerate,NBERworkingpaper13328Outl
5、ineDebt nancedconsumptionexpenditure,investmentexpenditureandemploymentshocks.Adding scalrulestodebt nancedconsumptionexpenditureshocks.In
ationarye ectsofexpenditureshocks.Fiscalandmonetarypolicyinteractions.Makingconsumptionexpenditureuseful.Addi
6、ngRuleofThumb(ROT)consumers.1Introduction-Sofarwehaveconsideredrealmodelswithcompetitivemarkets.-Inthesemodels,thesupplysidedeterminesshortandlongrundynamics.-Empiricalevidenceandcommonwisdomsuggestthatintheshortrunthedemandsidecouldbeasormoreimportant.-
7、Howdowemakethedemandsidematterintheshortrun?Convenientshortcut:assumethatatleastonetypeof rmcansetprices(monopolisticcompetitive)andthatpricesaresticky.Questions:-DodynamicsinresponsetovarioustypesofgovernmentexpenditureshocksinaNKmodeldi erfromthoseofaR
8、BCmodel?Inwhatway?-Whatdostickypricesbuyusintermsofunderstandingthedynamicsinresponsetotheexpenditureshocksweseeinthedata?-Doesthechoiceof scalstrategy(rulesvs.debt nanced)matter?-Whatarethelabormarketresponsestoshocks?-Ar
