Services Deepening and the Transmission of Monetary Policy
研究发现，随着服务业在中间投入中的占比上升（服务业深化），通货膨胀对货币政策冲击的反应减弱。通过两部门新凯恩斯模型，解释了服务业价格粘性如何通过边际成本渠道影响货币政策传导。
Abstract The structural transformation from manufacturing to services comes with a process of services deepening: the services share of intermediate inputs rises over time. Moreover, inflation reacts less to monetary policy shocks in countries that are more intensive in services intermediates. We rationalize these facts using a two-sector New Keynesian model where trends in sectoral productivities generate endogenous variations in the Input–Output matrix. Services deepening reduces the contemporaneous response of inflation to monetary policy shocks through a marginal cost channel. Since services prices are stickier than manufacturing prices, the rise of services intermediates raises the sluggishness of sectoral marginal costs and inflation rates.