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Household production, services and monetary policy
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| 자료유형 | 단행본 |
|---|---|
| 서명/저자사항 | Household production, services and monetary policy/ [prepared by] Constant Lonkeng Ngouana. |
| 개인저자 | Lonkeng Ngouana, Constant,author. |
| 단체저자명 | International Monetary Fund. Institute for Capacity Development. |
| 형태사항 | 1 online resource: illustrations. |
| 총서사항 | IMF working paper;WP/12/206 |
| ISBN | 9781475525465 147552546X |
| 서지주기 | Includes bibliographical references. |
| 요약 | A distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to changes in the real wage - the opportunity cost of working at home - and changes in the price of market services. In order to analyze and quantify the implications of this trade-off for monetary policy, I embed a household sector into an otherwise standard sticky price DSGE model, which I calibrate to the U.S. economy. The results of the model are twofold. At the sectoral level, household production augments the service sector's New Keynesian Phillips curve with a sizable extra component that co-moves negatively with the output gap term, lowering the incentive of service sector firms to change their prices. This mechanism endogenously amplifies the real effects of a monetary shock in that sector, unlike in the nondurable goods sector for which households cannot manufacture substitutes at home. At the aggregate level, household production also implies more sluggish prices and a stronger response of real macroeconomic variables to a monetary shock. Some empirical support for this theory is provided. |
| 일반주제명 | Households --Economic aspects --Econometric models. Monetary policy --Econometric models. BUSINESS & ECONOMICS --Economics --Macroeconomics. POLITICAL SCIENCE --Economic Conditions. Households --Economic aspects --Econometric models. Monetary policy --Econometric models. |
| 언어 | 영어 |
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