Business cycle asymmetries: Loss aversion, sticky prices, and wages
In this chapter, the Smets-Wouters (2003) New Kenesian model is reformulated by introducing the loss aversion utility function developed in chapter two. The purpose of this is to understand how asymmetric real business cycles are linked to asymmetric behavior of agents in a price and wage rigidities...
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| Formato: | Documento de trabajo (Working Paper) |
| Lenguaje: | Español (Spanish) |
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Universidad del Rosario
2014
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| Acceso en línea: | http://repository.urosario.edu.co/handle/10336/10971 |