Title of article
NewKeynesianmodels,durablegoods,andcollateralconstraints$
Author/Authors
TommasoMonacelli ، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2008
Pages
13
From page
242
To page
254
Abstract
Econometricevidencesuggeststhat,inresponsetomonetarypolicyshocks,durableand
non-durablespendingco-movepositively,anddurablespendingexhibitsamuchlarger
sensitivitytotheshocks.Astandardtwo-sectorNewKeynesianmodelwithperfect
financialmarketsisatoddswiththesefacts.Theintroductionofaborrowingconstraint,
wheredurablesplaytheroleofcollateralassets,helpsinreconcilingthemodelwiththe
empiricalevidence
Keywords
Durable goodsStickypricesCollateralconstraint
Journal title
Journal of Monetary Economics
Serial Year
2008
Journal title
Journal of Monetary Economics
Record number
846289
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