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[null,"1.","Record Nr.",null,"UNINA9910971235203321"]
[null,null,"Autore",null,"Lonkeng Ngouana Constant"]
[null,null,"Titolo",null,"Household Production, Services and Monetary Policy / / Constant Lonkeng Ngouana"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C. : , : International Monetary Fund, , 2012"]
[null,null,"ISBN",null,"9781475549737"]
[{"$nulls":4},"1475549733"]
[{"$nulls":4},"9781475577945"]
[{"$nulls":4},"147557794X"]
[null,null,"Edizione",null,"[1st ed.]"]
[null,null,"Descrizione fisica",null,"1 online resource (41 p.)"]
[null,null,"Collana",null,"IMF Working Papers"]
[{"$nulls":4},"IMF working paper ; ; WP/12/206"]
[null,null,"Disciplina",null,"332.1;332.152"]
[null,null,"Soggetti",null,"Service industries - Management"]
[{"$nulls":4},"Monetary policy"]
[{"$nulls":4},"Business Fluctuations"]
[{"$nulls":4},"Consumption"]
[{"$nulls":4},"Cycles"]
[{"$nulls":4},"Deflation"]
[{"$nulls":4},"Economic sectors"]
[{"$nulls":4},"Economic theory"]
[{"$nulls":4},"Economics"]
[{"$nulls":4},"General Aggregative Models: Keynes"]
[{"$nulls":4},"Household Production and Intrahousehold Allocation"]
[{"$nulls":4},"Income economics"]
[{"$nulls":4},"Industries: Service"]
[{"$nulls":4},"Industry Studies: Services: General"]
[{"$nulls":4},"Inflation"]
[{"$nulls":4},"Keynesian"]
[{"$nulls":4},"Labor economics"]
[{"$nulls":4},"Labor Economics: General"]
[{"$nulls":4},"Labor"]
[{"$nulls":4},"Labour"]
[{"$nulls":4},"Macroeconomics"]
[{"$nulls":4},"Macroeconomics: Consumption"]
[{"$nulls":4},"Macroeconomics: Production"]
[{"$nulls":4},"National accounts"]
[{"$nulls":4},"Output gap"]
[{"$nulls":4},"Post-Keynesian"]
[{"$nulls":4},"Price Level"]
[{"$nulls":4},"Prices"]
[{"$nulls":4},"Production and Operations Management"]
[{"$nulls":4},"Production"]
[{"$nulls":4},"Saving"]
[{"$nulls":4},"Service industries"]
[{"$nulls":4},"Services sector"]
[{"$nulls":4},"Sticky prices"]
[{"$nulls":4},"Wealth"]
[{"$nulls":4},"United States"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Note generali","Description based upon print version of record."]
[null,null,null,"Nota di bibliografia","Includes bibliographical references."]
[null,null,"Nota di contenuto",null,"Cover; Contents; I. Introduction; A. Related Literature; II. Empirical Evidence; A. Services versus Nondurables: A Sectoral VAR; B. The Importance of Household Production; 1. Home hours worked; Figures; 1. Estimated responses of real sectoral consumption to a monetary policy tightening.; Tables; 1. Time devoted to household production in the U.S. (2003 annual average); 2. Households and the production of services; C. Household and Market Production Over the Business Cycle; 1. Fluctuations of home and market hours worked; 2. Home and market hours worked (HP-de-trended series)"]
[{"$nulls":4},"2. 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"]
[{"$nulls":4},"IV. Calibration and ResultsA. Parameter Values; B. Simulation Results; 3. Parameter values; V. Conclusion; References; Appendices; A. Proof of Proposition 1; B. Proof of Corollary 1; C. Reduced Set of Equations for the Linearized Model; D. Dynamic Response of Macroeconomic Variables to an Expansionary Monetary Shock; 5. Responses of real sectoral consumption to a 1% interest-rate cut.; 6. Responses of sectoral inflation and real aggregates to a 1% interest-rate cut."]
[null,null,null,"Sommario/riassunto","A distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to changes in the real wage - the opportunity cost of working at home - and changes in the price of market services. In order to analyze and quantify the implications of this trade-off for monetary policy, I embed a household sector into an otherwise standard sticky price DSGE model, which I calibrate to the U.S. economy. The results of the model are twofold. At the sectoral level, household production augments the service sector's New Keynesian Phillips curve with a sizable extra component that co-moves negatively with the output gap term, lowering the incentive of service sector firms to change their prices. This mechanism endogenously amplifies the real effects of a monetary shock in that sector, unlike in the nondurable goods sector for which "]
[{"$nulls":4},"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."]