Endogenous Technological Change and the New Keynesian Model
构建并估计了一个包含内生技术的新凯恩斯模型，发现它能解决传统模型在通胀持续性、新闻冲击通缩效应和零利率下限供给冲击方面的三个难题。
Abstract This paper develops and estimates a New Keynesian (NK) model with endogenous technology. It shows that introducing endogenous technology can solve three important puzzles that conventional NK models face: the inflation persistence, disinflationary news shock, and zero lower bound (ZLB) supply shock. First, the observed persistence in inflation is explained without relying on the conventional NK models' additional assumptions (e.g., backward price indexation). Second, it explains the observed disinflationary effect of a news shock. Third, the model avoids the conventional NK models' paradoxical, empirically inconsistent prediction that a negative supply shock is expansionary at the ZLB on interest rates.