کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5103629 | 1480436 | 2017 | 10 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Home production, employment, and monetary policy
ترجمه فارسی عنوان
تولید خانه، اشتغال و سیاست پولی
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کلمات کلیدی
تولید خانه، حاشیه گسترده، سیاست های پولی،
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
I extend the textbook Dynamic New Keynesian (DNK) model to include home production and labor supply decisions along both extensive and intensive margins. Home production introduces an asymmetrical effect of wage changes on the employment rate and average labor hours. As a result, the cyclicality of total labor hours becomes ambiguous. When the elasticity of substitution between home and market goods is above a threshold value of 2, the aggregate hours become procyclical. In contrast, total labor hours are always countercyclical in the textbook model. This discrepancy is important for monetary policy: if a central bank excludes household production from its analysis, it mismeasures the output gap. The resulting welfare loss equals 0.013% in terms of consumption equivalence.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The Quarterly Review of Economics and Finance - Volume 64, May 2017, Pages 57-66
Journal: The Quarterly Review of Economics and Finance - Volume 64, May 2017, Pages 57-66
نویسندگان
Dasha Safonova,