Examining sectoral comovement in estimated nominal rigidities models

• 발행기관: 한국계량경제학회
• 저자명: Junhee Lee
• 간행물 정보: 『한국계량경제학회 학술대회 논문집』2008년 하계학술대회, 1~18쪽, 전체 18쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2008.08.30

영문 초록

Comovement of economic activityies across di¤erent sectors in an economy is an important feature of business cycles. Recently Barsky et al (2005) …nd sticky prices models, common monetary business cycle models, do not generate the sectoral comovement and the propataion mechanism is weak in response to monetary shocks if prices in durable goods sector are signi…cantly ‡exible. In this paper, we estimate a sticky prices model with durable goods sector and …nd monetary shocks generate weak but positive sectoral comovement. We also estimate a sticky wages model as an alternative nominal rigidities model and …nd the sticky wages model is more capable of generating sectoral comovment than the sticky prices model.

목차

1 Introduction

2 Sticky Prices Model with Durable Goods Sector

3 Estimation of Sticky Prices Model

4 Sticky Wages Model as an Alternative

5 Conclusion

키워드

Sectoral comovement Sticky prices Sticky wages Nominal rigidities