Working Less and Bargain Hunting More: Macroimplications of Sales during Japan's Lost Decades

Nao Sudo, Kozo Ueda, Kota Watanabe, Tsutomu Watanabe

研究成果: Article査読

3 被引用数 (Scopus)

抄録

Standard New Keynesian models have often neglected temporary sales. In this study, we ask whether this treatment is appropriate. We use Japanese scanner data covering the last two decades and find a negative correlation between the frequency of sales and hours worked. We then construct a model that takes households' decisions regarding their allocation of time for work, leisure, and bargain hunting into account. We show that the decline in hours worked explains the rise in the frequency of sales. The real effect of monetary policy shocks weakens by around 40% due to temporary sales, but monetary policy still matters.

本文言語English
ページ(範囲)449-478
ページ数30
ジャーナルJournal of Money, Credit and Banking
50
2-3
DOI
出版ステータスPublished - 2018 3 1

ASJC Scopus subject areas

  • 会計
  • 財務
  • 経済学、計量経済学

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