THE TRANSMISSION OF MONETARY POLICY IN A MULTISECTOR ECONOMY*
构建并估计了一个包含异质性生产部门的价格粘性DSGE模型，利用美国投入产出表和资本流量表，分析货币政策冲击如何在不同部门间传导。
This article constructs and estimates a sticky‐price, Dynamic Stochastic General Equilibrium model with heterogeneous production sectors. Firms in different sectors vary in their price rigidity, production technology, and the combination of material and investment inputs. In particular, firms buy inputs from all sectors using the actual Input–Output Matrix and Capital Flow Table of the U.S. economy. By relaxing the standard assumption of symmetry, this model allows idiosyncratic sectoral dynamics in response to monetary policy shocks. The model is estimated by the Generalized Method of Moments using sectoral and aggregate U.S. time series.