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Autore: | Lonkeng Ngouana Constant |
Titolo: | Household production, services and monetary policy [[electronic resource] /] / Constant Lonkeng Ngouana |
Pubblicazione: | Washington, D.C., : International Monetary Fund, c2012 |
Descrizione fisica: | 1 online resource (41 p.) |
Soggetto topico: | Service industries - Management |
Monetary policy | |
Soggetto genere / forma: | Electronic books. |
Note generali: | Description based upon print version of record. |
Nota di bibliografia: | Includes bibliographical references. |
Nota di contenuto: | 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) |
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 | |
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. | |
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 augm |
Titolo autorizzato: | Household production, services and monetary policy |
ISBN: | 1-4755-4973-3 |
1-4755-7794-X | |
Formato: | Materiale a stampa |
Livello bibliografico | Monografia |
Lingua di pubblicazione: | Inglese |
Record Nr.: | 9910461982403321 |
Lo trovi qui: | Univ. Federico II |
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