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Technology Shock and Employment under Catching up with the Joneses

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  • Patrick Fève

    ()
    (University of Toulouse (GREMAQ-CNRS and IDEI))

Abstract

Following 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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File URL: http://www.accessecon.com/pubs/EB/2004/Volume5/EB-04E20002A.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 5 (2004)
Issue (Month): 3 ()
Pages: 1-8

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Handle: RePEc:ebl:ecbull:eb-04e20002

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  1. Collard, Fabrice & Dellas, Harris, 2004. "Supply shocks and employment in an open economy," Economics Letters, Elsevier, vol. 82(2), pages 231-237, February.
  2. Abel, A.B., 1990. "Asset Prices Under Habit Formation And Catching Up With The Joneses," Weiss Center Working Papers 1-90, Wharton School - Weiss Center for International Financial Research.
  3. Lawrence J. Christiano & Michele Boldrin & Jonas D. M. Fisher, 2001. "Habit Persistence, Asset Returns, and the Business Cycle," American Economic Review, American Economic Association, vol. 91(1), pages 149-166, March.
  4. Hairault, Jean-Olivier & Langot, Francois & Portier, Franck, 1997. "Time to implement and aggregate fluctuations," Journal of Economic Dynamics and Control, Elsevier, vol. 22(1), pages 109-121, November.
  5. John Shea, 1998. "What Do Technology Shocks Do?," NBER Working Papers 6632, National Bureau of Economic Research, Inc.
  6. Lawrence J. Christiano & Richard M. Todd, 1996. "Time to plan and aggregate fluctuations," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 14-27.
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