Household production, services and monetary policy:
A distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to changes in the real wage - the opportunity cost of working at home - and changes in the price of market ser...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 12/206 |
| Schlagworte: | |
| Online-Zugang: | BSB01 FAN01 FAW01 FAW02 FHA01 FKE01 FLA01 FLA01 FNU01 LCO01 SBG01 SBR01 TUM01 UBA01 UBG01 UBM01 UBR01 UBT01 UBW01 UBY01 UEI01 UER01 UPA01 Volltext |
| Zusammenfassung: | A distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to changes in the real wage - the opportunity cost of working at home - and changes in the price of market services. In order to analyze and quantify the implications of this trade-off for monetary policy, I embed a household sector into an otherwise standard sticky price DSGE model, which I calibrate to the U.S. economy. The results of the model are twofold. At the sectoral level, household production augments the service sector's New Keynesian Phillips curve with a sizable extra component that co-moves negatively with the output gap term, lowering the incentive of service sector firms to change their prices. This mechanism endogenously amplifies the real effects of a monetary shock in that sector, unlike in the nondurable goods sector for which households cannot manufacture substitutes at home. At the aggregate level, household production also implies more sluggish prices and a stronger response of real macroeconomic variables to a monetary shock. Some empirical support for this theory is provided |
| Beschreibung: | 1 Online-Ressource (40 Seiten) |
| ISBN: | 1475505566 9781475505566 9781475525465 147552546X 9781475577945 |
| ISSN: | 1018-5941 |
Internformat
MARC
| LEADER | 00000nmm a2200000 cb4500 | ||
|---|---|---|---|
| 001 | BV048358302 | ||
| 003 | DE-604 | ||
| 005 | 20220722 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220714s2012 |||| o||u| ||||||eng d | ||
| 020 | |a 1475505566 |c 18.00 USD |9 1-475-50556-6 | ||
| 020 | |a 9781475505566 |c 18.00 USD |9 978-1-475-50556-6 | ||
| 020 | |a 9781475525465 |9 978-1-4755-2546-5 | ||
| 020 | |a 147552546X |9 1-4755-2546-X | ||
| 020 | |a 9781475577945 |9 978-1-4755-7794-5 | ||
| 035 | |a (ZDB-1-IMF)845824015 | ||
| 035 | |a (ZDB-4-EBA)ocn936322199 | ||
| 035 | |a (ZDB-30-PAD)EBC1606946 | ||
| 035 | |a (ZDB-89-EBL)EBL1606946 | ||
| 035 | |a (OCoLC)1337121289 | ||
| 035 | |a (DE-599)BVBBV048358302 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-20 |a DE-824 |a DE-70 |a DE-155 |a DE-29 |a DE-22 |a DE-473 |a DE-1102 |a DE-703 |a DE-859 |a DE-706 |a DE-384 |a DE-860 |a DE-19 |a DE-739 |a DE-355 |a DE-Aug4 |a DE-1049 |a DE-12 |a DE-91 |a DE-1046 |a DE-1047 | ||
| 082 | 0 | |a 339.47 |2 23 | |
| 100 | 1 | |a Ngouana, Constant Lonkeng |e Verfasser |0 (DE-588)1026314143 |4 aut | |
| 245 | 1 | 0 | |a Household production, services and monetary policy |c Lonkeng Ngouana, Constant |
| 264 | 1 | |a Washington, D.C |b International Monetary Fund |c 2012 | |
| 300 | |a 1 Online-Ressource (40 Seiten) | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a IMF Working Papers |v Working Paper No. 12/206 |x 1018-5941 | |
| 520 | 3 | |a A distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to changes in the real wage - the opportunity cost of working at home - and changes in the price of market services. In order to analyze and quantify the implications of this trade-off for monetary policy, I embed a household sector into an otherwise standard sticky price DSGE model, which I calibrate to the U.S. economy. The results of the model are twofold. At the sectoral level, household production augments the service sector's New Keynesian Phillips curve with a sizable extra component that co-moves negatively with the output gap term, lowering the incentive of service sector firms to change their prices. This mechanism endogenously amplifies the real effects of a monetary shock in that sector, unlike in the nondurable goods sector for which households cannot manufacture substitutes at home. At the aggregate level, household production also implies more sluggish prices and a stronger response of real macroeconomic variables to a monetary shock. Some empirical support for this theory is provided | |
| 533 | |a Online-Ausg | ||
| 650 | 7 | |a BUSINESS & ECONOMICS / Economics / Macroeconomics |2 bisacsh | |
| 650 | 7 | |a POLITICAL SCIENCE / Economic Conditions |2 bisacsh | |
| 650 | 7 | |a Households / Economic aspects / Econometric models |2 fast | |
| 650 | 7 | |a Monetary policy / Econometric models |2 fast | |
| 650 | 4 | |a Wirtschaft | |
| 650 | 4 | |a Ökonometrisches Modell | |
| 650 | 4 | |a Households |x Economic aspects |x Econometric models |a Monetary policy |x Econometric models | |
| 710 | 2 | |a Internationaler Währungsfonds |e Sonstige |0 (DE-588)1013082-2 |4 oth | |
| 710 | 2 | |a Internationaler Währungsfonds |e Institute for Capacity Development |4 oth | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |x Verlag |z URL des Erstveröffentlichers |3 Volltext |
| 912 | |a ZDB-1-IMF |a ZDB-4-EBA |a ZDB-30-PAD |a ZDB-30-PBE | ||
| 999 | |a oai:aleph.bib-bvb.de:BVB01-033737538 | ||
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l BSB01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l FAN01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568159 |l FAW01 |p ZDB-4-EBA |q FAW_PDA_EBA |x Aggregator |3 Volltext | |
| 966 | e | |u http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568159 |l FAW02 |p ZDB-4-EBA |q FAW_PDA_EBA |x Aggregator |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l FHA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l FKE01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l FLA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568159 |l FLA01 |p ZDB-4-EBA |q FLA_PDA_EBA |x Aggregator |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l FNU01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l LCO01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l SBG01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l SBR01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l TUM01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l UBA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l UBG01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l UBM01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l UBR01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l UBT01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l UBW01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l UBY01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l UEI01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l UER01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |l UPA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
Datensatz im Suchindex
| _version_ | 1804184219413381120 |
|---|---|
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Ngouana, Constant Lonkeng |
| author_GND | (DE-588)1026314143 |
| author_facet | Ngouana, Constant Lonkeng |
| author_role | aut |
| author_sort | Ngouana, Constant Lonkeng |
| author_variant | c l n cl cln |
| building | Verbundindex |
| bvnumber | BV048358302 |
| collection | ZDB-1-IMF ZDB-4-EBA ZDB-30-PAD ZDB-30-PBE |
| ctrlnum | (ZDB-1-IMF)845824015 (ZDB-4-EBA)ocn936322199 (ZDB-30-PAD)EBC1606946 (ZDB-89-EBL)EBL1606946 (OCoLC)1337121289 (DE-599)BVBBV048358302 |
| dewey-full | 339.47 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 339 - Macroeconomics and related topics |
| dewey-raw | 339.47 |
| dewey-search | 339.47 |
| dewey-sort | 3339.47 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>07000nmm a2200805 cb4500</leader><controlfield tag="001">BV048358302</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20220722 </controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220714s2012 |||| o||u| ||||||eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">1475505566</subfield><subfield code="c">18.00 USD</subfield><subfield code="9">1-475-50556-6</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9781475505566</subfield><subfield code="c">18.00 USD</subfield><subfield code="9">978-1-475-50556-6</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9781475525465</subfield><subfield code="9">978-1-4755-2546-5</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">147552546X</subfield><subfield code="9">1-4755-2546-X</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9781475577945</subfield><subfield code="9">978-1-4755-7794-5</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-IMF)845824015</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-4-EBA)ocn936322199</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-30-PAD)EBC1606946</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-89-EBL)EBL1606946</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1337121289</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV048358302</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-20</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-70</subfield><subfield code="a">DE-155</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-22</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-1102</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-859</subfield><subfield code="a">DE-706</subfield><subfield code="a">DE-384</subfield><subfield code="a">DE-860</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-Aug4</subfield><subfield code="a">DE-1049</subfield><subfield code="a">DE-12</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-1046</subfield><subfield code="a">DE-1047</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">339.47</subfield><subfield code="2">23</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Ngouana, Constant Lonkeng</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)1026314143</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Household production, services and monetary policy</subfield><subfield code="c">Lonkeng Ngouana, Constant</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Washington, D.C</subfield><subfield code="b">International Monetary Fund</subfield><subfield code="c">2012</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (40 Seiten)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">IMF Working Papers</subfield><subfield code="v">Working Paper No. 12/206</subfield><subfield code="x">1018-5941</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">A distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to changes in the real wage - the opportunity cost of working at home - and changes in the price of market services. In order to analyze and quantify the implications of this trade-off for monetary policy, I embed a household sector into an otherwise standard sticky price DSGE model, which I calibrate to the U.S. economy. The results of the model are twofold. At the sectoral level, household production augments the service sector's New Keynesian Phillips curve with a sizable extra component that co-moves negatively with the output gap term, lowering the incentive of service sector firms to change their prices. This mechanism endogenously amplifies the real effects of a monetary shock in that sector, unlike in the nondurable goods sector for which households cannot manufacture substitutes at home. At the aggregate level, household production also implies more sluggish prices and a stronger response of real macroeconomic variables to a monetary shock. Some empirical support for this theory is provided</subfield></datafield><datafield tag="533" ind1=" " ind2=" "><subfield code="a">Online-Ausg</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">BUSINESS & ECONOMICS / Economics / Macroeconomics</subfield><subfield code="2">bisacsh</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">POLITICAL SCIENCE / Economic Conditions</subfield><subfield code="2">bisacsh</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Households / Economic aspects / Econometric models</subfield><subfield code="2">fast</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Monetary policy / Econometric models</subfield><subfield code="2">fast</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Wirtschaft</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Ökonometrisches Modell</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Households</subfield><subfield code="x">Economic aspects</subfield><subfield code="x">Econometric models</subfield><subfield code="a">Monetary policy</subfield><subfield code="x">Econometric models</subfield></datafield><datafield tag="710" ind1="2" ind2=" "><subfield code="a">Internationaler Währungsfonds</subfield><subfield code="e">Sonstige</subfield><subfield code="0">(DE-588)1013082-2</subfield><subfield code="4">oth</subfield></datafield><datafield tag="710" ind1="2" ind2=" "><subfield code="a">Internationaler Währungsfonds</subfield><subfield code="e">Institute for Capacity Development</subfield><subfield code="4">oth</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="x">Verlag</subfield><subfield code="z">URL des Erstveröffentlichers</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-IMF</subfield><subfield code="a">ZDB-4-EBA</subfield><subfield code="a">ZDB-30-PAD</subfield><subfield code="a">ZDB-30-PBE</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033737538</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">BSB01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">FAN01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568159</subfield><subfield code="l">FAW01</subfield><subfield code="p">ZDB-4-EBA</subfield><subfield code="q">FAW_PDA_EBA</subfield><subfield code="x">Aggregator</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568159</subfield><subfield code="l">FAW02</subfield><subfield code="p">ZDB-4-EBA</subfield><subfield code="q">FAW_PDA_EBA</subfield><subfield code="x">Aggregator</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">FHA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">FKE01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">FLA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568159</subfield><subfield code="l">FLA01</subfield><subfield code="p">ZDB-4-EBA</subfield><subfield code="q">FLA_PDA_EBA</subfield><subfield code="x">Aggregator</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">FNU01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">LCO01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">SBG01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">SBR01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">TUM01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">UBA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">UBG01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">UBM01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">UBR01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">UBT01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">UBW01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">UBY01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">UEI01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">UER01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml</subfield><subfield code="l">UPA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield></record></collection> |
| id | DE-604.BV048358302 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:14:04Z |
| indexdate | 2024-07-10T09:35:52Z |
| institution | BVB |
| institution_GND | (DE-588)1013082-2 |
| isbn | 1475505566 9781475505566 9781475525465 147552546X 9781475577945 |
| issn | 1018-5941 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033737538 |
| oclc_num | 936322199 1337121289 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM DE-1046 DE-1047 |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM DE-1046 DE-1047 |
| physical | 1 Online-Ressource (40 Seiten) |
| psigel | ZDB-1-IMF ZDB-4-EBA ZDB-30-PAD ZDB-30-PBE ZDB-4-EBA FAW_PDA_EBA ZDB-4-EBA FLA_PDA_EBA |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Ngouana, Constant Lonkeng Verfasser (DE-588)1026314143 aut Household production, services and monetary policy Lonkeng Ngouana, Constant Washington, D.C International Monetary Fund 2012 1 Online-Ressource (40 Seiten) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/206 1018-5941 A distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to changes in the real wage - the opportunity cost of working at home - and changes in the price of market services. In order to analyze and quantify the implications of this trade-off for monetary policy, I embed a household sector into an otherwise standard sticky price DSGE model, which I calibrate to the U.S. economy. The results of the model are twofold. At the sectoral level, household production augments the service sector's New Keynesian Phillips curve with a sizable extra component that co-moves negatively with the output gap term, lowering the incentive of service sector firms to change their prices. This mechanism endogenously amplifies the real effects of a monetary shock in that sector, unlike in the nondurable goods sector for which households cannot manufacture substitutes at home. At the aggregate level, household production also implies more sluggish prices and a stronger response of real macroeconomic variables to a monetary shock. Some empirical support for this theory is provided Online-Ausg BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh POLITICAL SCIENCE / Economic Conditions bisacsh Households / Economic aspects / Econometric models fast Monetary policy / Econometric models fast Wirtschaft Ökonometrisches Modell Households Economic aspects Econometric models Monetary policy Econometric models Internationaler Währungsfonds Sonstige (DE-588)1013082-2 oth Internationaler Währungsfonds Institute for Capacity Development oth http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Ngouana, Constant Lonkeng Household production, services and monetary policy BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh POLITICAL SCIENCE / Economic Conditions bisacsh Households / Economic aspects / Econometric models fast Monetary policy / Econometric models fast Wirtschaft Ökonometrisches Modell Households Economic aspects Econometric models Monetary policy Econometric models |
| title | Household production, services and monetary policy |
| title_auth | Household production, services and monetary policy |
| title_exact_search | Household production, services and monetary policy |
| title_exact_search_txtP | Household production, services and monetary policy |
| title_full | Household production, services and monetary policy Lonkeng Ngouana, Constant |
| title_fullStr | Household production, services and monetary policy Lonkeng Ngouana, Constant |
| title_full_unstemmed | Household production, services and monetary policy Lonkeng Ngouana, Constant |
| title_short | Household production, services and monetary policy |
| title_sort | household production services and monetary policy |
| topic | BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh POLITICAL SCIENCE / Economic Conditions bisacsh Households / Economic aspects / Econometric models fast Monetary policy / Econometric models fast Wirtschaft Ökonometrisches Modell Households Economic aspects Econometric models Monetary policy Econometric models |
| topic_facet | BUSINESS & ECONOMICS / Economics / Macroeconomics POLITICAL SCIENCE / Economic Conditions Households / Economic aspects / Econometric models Monetary policy / Econometric models Wirtschaft Ökonometrisches Modell Households Economic aspects Econometric models Monetary policy Econometric models |
| url | http://elibrary.imf.org/view/IMF001/13050-9781475505566/13050-9781475505566/13050-9781475505566.xml |
| work_keys_str_mv | AT ngouanaconstantlonkeng householdproductionservicesandmonetarypolicy AT internationalerwahrungsfonds householdproductionservicesandmonetarypolicy |