LEADER 03999nam 2200601Ia 450 001 9910461982403321 005 20200520144314.0 010 $a1-4755-4973-3 010 $a1-4755-7794-X 035 $a(CKB)2670000000278943 035 $a(EBL)1606946 035 $a(SSID)ssj0000938567 035 $a(PQKBManifestationID)11583085 035 $a(PQKBTitleCode)TC0000938567 035 $a(PQKBWorkID)10920879 035 $a(PQKB)10972937 035 $a(MiAaPQ)EBC1606946 035 $a(Au-PeEL)EBL1606946 035 $a(CaPaEBR)ebr10627164 035 $a(OCoLC)806353228 035 $a(EXLCZ)992670000000278943 100 $a20121206d2012 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aHousehold production, services and monetary policy$b[electronic resource] /$fConstant Lonkeng Ngouana 210 $aWashington, D.C. $cInternational Monetary Fund$dc2012 215 $a1 online resource (41 p.) 225 0$aIMF working paper ;$vWP/12/206 300 $aDescription based upon print version of record. 311 $a1-4755-2546-X 311 $a1-4755-0556-6 320 $aIncludes bibliographical references. 327 $aCover; Contents; I. Introduction; A. Related Literature; II. Empirical Evidence; A. Services versus Nondurables: A Sectoral VAR; B. The Importance of Household Production; 1. Home hours worked; Figures; 1. Estimated responses of real sectoral consumption to a monetary policy tightening.; Tables; 1. Time devoted to household production in the U.S. (2003 annual average); 2. Households and the production of services; C. Household and Market Production Over the Business Cycle; 1. Fluctuations of home and market hours worked; 2. Home and market hours worked (HP-de-trended series) 327 $a2. Substitutability between home and market services over the business cycle2. Child care expenses by families with employed mothers, as percentage of monthly income, 1991-2005.; III. The Model Economy; A. The Economic Environment; 3. Expenditures on food at home and food away from home (HP-de-trended series); B. The Representative Household; C. Final Goods Producers; D. Intermediate Goods producers; E. Sectoral and Aggregate New Keynesian Phillips Curves; 4. Contribution of the output gap term and the extra term to inflation dynamics; F. Monetary Policy; G. Aggregation 327 $aIV. Calibration and ResultsA. Parameter Values; B. Simulation Results; 3. Parameter values; V. Conclusion; References; Appendices; A. Proof of Proposition 1; B. Proof of Corollary 1; C. Reduced Set of Equations for the Linearized Model; D. Dynamic Response of Macroeconomic Variables to an Expansionary Monetary Shock; 5. Responses of real sectoral consumption to a 1% interest-rate cut.; 6. Responses of sectoral inflation and real aggregates to a 1% interest-rate cut. 330 $aA distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to changes in the real wage - the opportunity cost of working at home - and changes in the price of market services. In order to analyze and quantify the implications of this trade-off for monetary policy, I embed a household sector into an otherwise standard sticky price DSGE model, which I calibrate to the U.S. economy. The results of the model are twofold. At the sectoral level, household production augm 410 0$aIMF Working Papers 606 $aService industries$xManagement 606 $aMonetary policy 608 $aElectronic books. 615 0$aService industries$xManagement. 615 0$aMonetary policy. 700 $aLonkeng Ngouana$b Constant$0895782 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910461982403321 996 $aHousehold production, services and monetary policy$92001159 997 $aUNINA