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 - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
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