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Zoekopdracht: faculteit: "FEB" en publicatiejaar: "2009"

AuteurV. Sterk
TitelCredit frictions and the comovement between durable and non-durable consumption
UitgeverDe Nederlandsche Bank
PlaatsAmsterdam
Jaar2009
Pagina's37
SerietitelDNB Working Paper
Serienummer210
FaculteitFaculteit Economie en Bedrijfskunde
Instituut/afd.FEB: Amsterdam School of Economics Research Institute (ASE-RI)
SamenvattingAccording to Monacelli (2009), a standard New-Keynesian model augmented with credit frictions solves the outstanding challenge to generate a joint decline of durable and non-durable consumption during a monetary tightening. This paper shows that his success in generating positive comovement between durables and non-durables is solely due to assumptions about price-stickiness in the durable goods sector and that the introduction of credit frictions actually makes the comovement problem harder to solve.

JEL classiffication: E44, E52

Keywords: New-Keynesian models, financial frictions, general equilibrium
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