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dc.contributor.authorLee, Jae Wonen
dc.date.accessioned2012-06-25T11:57:16Z-
dc.date.available2012-06-25T11:57:16Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/59464-
dc.description.abstractThis paper introduces heterogeneous households into an otherwise standard sticky-price model with industry-specific labor markets. Households differ in labor incomes and asset markets are incomplete. I show that household heterogeneity affects equilibrium dynamics nontrivially by amplifying price stickiness endogenously through wealth effects on labor supply. To quantify the importance of household heterogeneity in amplifying stickiness, I estimate and compare representative and heterogeneous household models. The quantitative exercise shows the heterogenous household model performs better than its representative counterpart in accounting for aggregate and sectoral dynamics in the U.S., while being more consistent with empirical evidence on nominal rigidity at the aggregate and sectoral levels, thanks to the stickiness endogenously generated by the model.en
dc.language.isoengen
dc.publisher|aRutgers University, Department of Economics |cNew Brunswick, NJen
dc.relation.ispartofseries|aWorking Paper |x2010-01en
dc.subject.jelC51en
dc.subject.jelE13en
dc.subject.jelE31en
dc.subject.jelE32en
dc.subject.jelE44en
dc.subject.jelJ20en
dc.subject.ddc330en
dc.subject.keywordheterogeneityen
dc.subject.keywordprice stickinessen
dc.subject.keywordmultiple sectorsen
dc.subject.keywordDSGE modelen
dc.subject.keywordBayesian estimationen
dc.subject.keywordreal rigiditiesen
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwModellierungen
dc.subject.stwPreisrigiditäten
dc.subject.stwPrivater Haushalten
dc.subject.stwTheorieen
dc.titleHeterogeneous households in a sticky-price model-
dc.typeWorking Paperen
dc.identifier.ppn635881454en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:rut:rutres:201001en

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