English, Article, Journal or magazine article edition: Credit Frictions and the Comovement between Durable and Non-durable Consumption Vincent Sterk

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Bookmark: http://trove.nla.gov.au/version/31908
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Credit Frictions and the Comovement between Durable and Non-durable Consumption
Author
  • Vincent Sterk
Physical Description
  • preprint
Notes
  • According to Monacelli (2009), a standard New-Keynesian model augmented with credit frictions solves the outstanding challenge to generate a joint decline of durable and non-durable consumption during a monetary tightening. This paper shows that his success in generating positive comovement between durables and non-durables is solely due to assumptions about price-stickiness in the durable goods sector and that the introduction of credit frictions actually makes the comovement problem harder to solve.
  • New-Keynesian models, financial frictions, general equilibrium
  • RePEc:dnb:dnbwpp:210
Language
  • English
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