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dc.contributor.authorLee, Jae Wonen
dc.date.accessioned2011-11-14-
dc.date.accessioned2012-06-25T11:57:23Z-
dc.date.available2012-06-25T11:57:23Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/59473-
dc.description.abstractThis paper analyzes the role of heterogeneous households in propagating shocks over the business cycle by generalizing a basic sticky-price model to allow for imperfect risk-sharing between households that differ in labor incomes. I show that imperfectly insured household consumption distorts household incentive to supply labor hours through an idiosyncratic income effect, which in turn generates strategic complementarities in price setting and thus amplifies business cycle fluctuations. This mechanism diminishes the role of nominal rigidities and makes sticky-price models more consistent with microeconomic evidence on the frequency of price changes.en
dc.language.isoengen
dc.publisher|aRutgers University, Department of Economics |cNew Brunswick, NJen
dc.relation.ispartofseries|aWorking Paper |x2011-32en
dc.subject.jelE13en
dc.subject.jelE30en
dc.subject.jelE44en
dc.subject.ddc330en
dc.subject.keywordheterogeneous householdsen
dc.subject.keywordPhillips curveen
dc.subject.keywordprice stickinessen
dc.subject.keywordstrategic complementaritiesen
dc.subject.keywordconsumption insuranceen
dc.titleAggregate implications of heterogeneous households in a sticky-price model-
dc.typeWorking Paperen
dc.identifier.ppn672191377en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:rut:rutres:201132en

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