Is There Persistence Effect Of Monetary Shocks To Output?

This paper shows the persistent of response of output to monetary shocks increased when exist both staggered wage and staggered price. We find staggered wage model is dominant in produce persistence; the effect is more obvious even if staggered price is nonsexist. We also find the persistence of output effect to monetary shocks is mainly depend on supply side effect, especially depend on capital stock. The persistence of output effect will disappear when we drop capital effect from product function. We also find some properties of real business cycle in china is same to those in RBC model, but there exist opposite outcome for some properties in different staggered settings.