Rule-of-Thumb Consumers, Productivity, and Hours
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 accounti...
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| Veröffentlicht in: | The Scandinavian journal of economics 2012-06, Vol.114 (2), p.658-679 |
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| container_end_page | 679 |
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| container_title | The Scandinavian journal of economics |
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| creator | Furlanetto, Francesco Seneca, Martin |
| description | 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-ofthumb 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. |
| doi_str_mv | 10.1111/j.1467-9442.2012.01699.x |
| format | Article |
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| subjects | Capital costs Consumer behavior Consumer economics Consumer equilibrium E32 Economic calculations Economic models Economic shock Economic theory Empirical research Financial accounting Hours of work Household consumption Keynesianism Liquidity constraints Modeling nominal rigidities Output rate Productivity Productivity concept productivity shocks Real rigidities Studies |
| title | Rule-of-Thumb Consumers, Productivity, and Hours |
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