We study the role of digital transformation in the retail trade sector for the effectiveness of monetary policy. With the emergence of online retail trade, dynamic pricing concepts were introduced which reduced menu costs and rendered price changes more frequent. Our two-sector New Keynesian model implies that the real effects of monetary policy abate as the share of online retail trade rises. These theoretical results are empirically confirmed by means of an interactive Bayesian VAR model using data for the Euro area. Our findings identify a structural rather than a cyclical phenomenon for diminished monetary policy effectiveness.

中文翻译：

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数字化，零售贸易和货币政策

我们研究了数字化转型在零售贸易领域对货币政策有效性的作用。随着在线零售贸易的出现，引入了动态定价概念，从而降低了菜单成本，并使价格变动更加频繁。我们的两个部门的新凯恩斯主义模型表明，随着在线零售贸易份额的增加，货币政策的实际影响减弱。这些理论结果通过使用欧元区数据的交互式贝叶斯VAR模型以经验方式得到证实。我们的发现确定了货币政策有效性下降的结构性而非周期性现象。