The delayed effects of monetary shocks in a two-sector New Keynesian model

Munechika Katayama, Kwang Hwan Kim

研究成果: Article

5 引用 (Scopus)

抄録

This paper studies a two-sector New Keynesian model that captures the hump-shaped response of non-durable and durable spending to a monetary shock when non-durable prices are sticky and durable goods are flexibly priced. Based on the estimated parameters, we show that habit formation and investment adjustment costs are not sufficient to generate the gradual response of non-durable and durable spending in this setup. We find that nominal wage rigidity and non-separable preferences between consumption and labor are also necessary to delay the peak response of non-durable and durable spending in the estimated two-sector New Keynesian model.

元の言語English
ページ(範囲)243-259
ページ数17
ジャーナルJournal of Macroeconomics
38
発行部数PB
DOI
出版物ステータスPublished - 2013 12
外部発表Yes

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New Keynesian model
Monetary shocks
Durables
Labor
Investment adjustment costs
Nonseparable preferences
Habit formation
Nominal wage rigidity

ASJC Scopus subject areas

  • Economics and Econometrics

これを引用

The delayed effects of monetary shocks in a two-sector New Keynesian model. / Katayama, Munechika; Kim, Kwang Hwan.

:: Journal of Macroeconomics, 巻 38, 番号 PB, 12.2013, p. 243-259.

研究成果: Article

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