Rule-of-Thumb Consumers, Productivity, and Hours

被引：21

作者：

Furlanetto, Francesco ^{[1
]}

Seneca, Martin ^{[1
]}

机构：

[1] Norges Bank, NO-0107 Oslo, Norway

来源：

SCANDINAVIAN JOURNAL OF ECONOMICS | 2012年 / 114卷 / 02期

关键词：

Liquidity constraints; nominal rigidities; productivity shocks; real rigidities; E32; TECHNOLOGY SHOCKS; AGGREGATE FLUCTUATIONS; MONETARY-POLICY; BUSINESS-CYCLE; CONTRACTIONARY; IMPROVEMENTS; CONSUMPTION; HYPOTHESIS; PRICES; OUTPUT;

D O I：

10.1111/j.1467-9442.2012.01699.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, we study the transmission mechanism of productivity shocks in a model with rule-of-thumb consumers. In the literature, this financial friction has been studied only with reference to fiscal shocks. We show that the presence of rule-of-thumb consumers is also very helpful when accounting for recent empirical evidence on productivity shocks. Rule-of-thumb agents, together with nominal and real rigidities, play an important role in reproducing the negative response of hours and the delayed response of output after a productivity shock.

引用

页码：658 / 679

页数：22

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