persistence, but standard general equilibrium models with sticky prices fail to generate output responses beyond the duration of …This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this … costly capital adjustment. The model is estimated via Maximum Likelihood using US data on output, the real money stock, and …

This paper studies the role of sticky prices for the monetary transmission mechanism, using disaggregated industry …-level data from 205 US industries. There is substantial heterogeneity in the output responses of industries to monetary policy … economically large and statistically significant. The results suggest that sticky prices play an important role in the transmission …

level to a temporary risk premium shock are larger and more persistent when the ZLB is binding. Our theoretical discussion …

monetary policy rate to those in consumer prices. First, we utilize panel data from the German manufacturing industry. Second …

output and inflation in opposite directions may worsen the trade-off for a central bank with a dual mandate. …