Technology Shock and Employment under Catching up with the Joneses
AbstractFollowing a positive technology shock, a flexible price monetary model with catching up with the Joneses utility function can easily generate a negative and persistent decline in employment. When the effect of relative consumption is large, the model also produces a small short run response of output to a technology shock.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 5 (2004)
Issue (Month): 3 ()
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Find related papers by JEL classification:
- E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
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- Andrew B. Abel, .
"Asset Prices Under Habit Formation and Catching Up With the Jones,"
Rodney L. White Center for Financial Research Working Papers
1-90, Wharton School Rodney L. White Center for Financial Research.
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- Andrew B. Abel, . "Asset Prices Under Habit Formation and Catching Up With the Jones," Rodney L. White Center for Financial Research Working Papers 01-90, Wharton School Rodney L. White Center for Financial Research.
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"What Do Technology Shocks Do?,"
NBER Working Papers
6632, National Bureau of Economic Research, Inc.
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"Habit persistence, asset returns and the business cycle,"
280, Federal Reserve Bank of Minneapolis.
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- Collard, Fabrice & Dellas, Harris, 2004. "Supply shocks and employment in an open economy," Economics Letters, Elsevier, vol. 82(2), pages 231-237, February.
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