Non-Separable Consumption-Labor Choice And The International Transmission Of Monetary Policy Shocks: A Note
AbstractThis paper derives in the model developed by Obstfeld and Rogoff (1995) a steady state that is stationary in the presence of monetary policy shocks. To this end, the impact of monetary policy shocks on the current account is shut off by assuming that the preferences of households exhibit a particular non-separability between consumption and labor supply. [F31, F41]
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal International Economic Journal.
Volume (Year): 17 (2001)
Issue (Month): 2 ()
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- Ghironi, Fabio, 2008. "The role of net foreign assets in a New Keynesian small open economy model," Journal of Economic Dynamics and Control, Elsevier, vol. 32(6), pages 1780-1811, June.
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