Habit formation and the persistence of monetary shocks

被引：38

作者：

Bouakez, H

Cardia, E

Ruge-Murcia, FJ

机构：

[1] Univ Montreal, Dept Sci Econ, Montreal, PQ H3C 3J7, Canada

[2] Univ Montreal, CIREQ, Montreal, PQ H3C 3J7, Canada

[3] HEC Montreal, Inst Appl Econ, Montreal, PQ H3T 2A7, Canada

[4] HEC Montreal, CIREQ, Montreal, PQ H3T 2A7, Canada

来源：

JOURNAL OF MONETARY ECONOMICS | 2005年 / 52卷 / 06期

关键词：

habit formation; endogenous persistence; monetary policy;

D O I：

10.1016/j.jmoneco.2005.08.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The dynamic effects and relative importance of monetary shocks in the US business cycle are studied using a sticky-price dynamic stochastic general equilibrium model with habit formation and capital adjustment costs. The model is estimated via maximum likelihood using data on output, real money balances, and the nominal interest rate. Econometric results indicate that the model has a strong internal propagation mechanism that can explain the persistent and hump-shaped response of US output and consumption to monetary shocks. (c) 2005 Elsevier B.V. All rights reserved.

引用

页码：1073 / 1088

页数：16

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