Housing, Wealth Effects, and Monetary Policy

Kwang Hwan Kim, Munechika Katayama

研究成果: Article査読

抄録

This paper examines the role that wealth effects on labour supply play in a two-sector sticky-price model that includes non-durables and housing. Careful analysis of a two-sector sticky-price model reveals that whether there are wealth effects on labour supply fundamentally changes the nature of the model in a way that has not been fully appreciated. In the presence of wealth effects on labour supply, as Barsky et al. study demonstrate, the pricing of housing is central to the behaviour of the model, whereas price rigidity in the non-durable goods sector is much less important. In the absence of these wealth effects, by contrast, the behaviour of the model depends critically on whether the non-durable goods, not the new housing, themselves have sticky prices.

本文言語English
ページ(範囲)55-71
ページ数17
ジャーナルGlobal Economic Review
42
1
DOI
出版ステータスPublished - 2013 3
外部発表はい

ASJC Scopus subject areas

  • Business and International Management
  • Economics, Econometrics and Finance(all)
  • Political Science and International Relations

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