Arbeitspapier
Rule-of-thumb consumers, productivity and hours
In this paper we study the transmission mechanism of productivity shocks in a model with rule-of-thumb consumers. In the literature, this financial friction has been studied only with reference to fiscal shocks. We show that the presence of rule-of-thumb consumers is also very helpful in accounting for recent empirical evidence on productivity shocks. Rule-of-thumb agents, together with nominal and real rigidities, play an important role in reproducing the negative response of hours and the delayed responses of output and consumption after a productivity shock.
- Language
-
Englisch
- Bibliographic citation
-
Series: Danmarks Nationalbank Working Papers ; No. 48
- Classification
-
Wirtschaft
Business Fluctuations; Cycles
- Subject
-
rule-of-thumb consumers
productivity shocks
nominal rigidities
real rigidities
Technischer Fortschritt
Schock
Real Business Cycle
Konsumentenverhalten
Produktivität
Arbeitszeit
Neukeynesianische Makroökonomik
- Event
-
Geistige Schöpfung
- (who)
-
Furlanetto, Francesco
Seneca, Martin
- Event
-
Veröffentlichung
- (who)
-
Danmarks Nationalbank
- (where)
-
Copenhagen
- (when)
-
2007
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Furlanetto, Francesco
- Seneca, Martin
- Danmarks Nationalbank
Time of origin
- 2007
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