Household heterogeneity and the price puzzle in a new Keynesian model (Record no. 133366)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 01565nas a2200217Ia 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 240628c99999999xx |||||||||||| ||und|| |
| 022 ## - INTERNATIONAL STANDARD SERIAL NUMBER | |
| International Standard Serial Number | 0164-0704 |
| 100 ## - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Ida, Daisuke |
| 9 (RLIN) | 119096 |
| 245 #0 - TITLE STATEMENT | |
| Title | Household heterogeneity and the price puzzle in a new Keynesian model |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Name of publisher, distributor, etc. | Journal of Macroeconomics |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2024 |
| 300 ## - PHYSICAL DESCRIPTION | |
| Extent | 1-15 |
| 520 ## - SUMMARY, ETC. | |
| Abstract | This paper provides a new insight into the price puzzle using a new Keynesian (NK) model with household heterogeneity. To do this, we adopt a tractable heterogeneous-agent NK (THANK) model that nests the two-agent NK (TANK) and representative-agent NK models. We first demonstrate that when the share of liquidity-constrained (LC) consumers is high, the degree of inflation stabilization in the Taylor rule crucially affects whether the price puzzle occurs in the TANK model. Second, we show that regardless of the share of LC consumers, the price puzzle disappears in the THANK model with a discounted dynamic IS (DIS) curve. In contrast, for a compounded DIS curve, a higher share of LC consumers generates the price puzzle. Finally, we find that even in the case of a compounded DIS curve, reinforced interest rate smoothing can prevent the price puzzle. |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | Monetary policy shock |
| 9 (RLIN) | 119097 |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | Price puzzle |
| 9 (RLIN) | 119098 |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | Tractable heterogeneous NK model |
| 9 (RLIN) | 119099 |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | Two-agent NK model |
| 9 (RLIN) | 119100 |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | Economics |
| 9 (RLIN) | 2 |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | Household heterogeneity |
| 9 (RLIN) | 119101 |
| 856 ## - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://www.sciencedirect.com/science/article/pii/S0164070424000028">https://www.sciencedirect.com/science/article/pii/S0164070424000028</a> |
| 999 ## - SYSTEM CONTROL NUMBERS (KOHA) | |
| Koha biblionumber | 133366 |
| Withdrawn status | Lost status | Damaged status | Not for loan | Home library | Current library | Date acquired | Serial Enumeration / chronology | Total Checkouts | Barcode | Date last seen | Price effective from | Koha item type |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dr VKRV Rao Library | Dr VKRV Rao Library | 28/06/2024 | Vol. 79, No. March | AI65 | 28/06/2024 | 28/06/2024 | Article Index |