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dc.creatorGómez Muñoz, Wilman Arturo 
dc.date.accessioned2015-10-06T12:24:18Z
dc.date.available2015-10-06T12:24:18Z
dc.date.created2014-04
dc.date.issued2014
dc.identifier.urihttp://repository.urosario.edu.co/handle/10336/10967
dc.description.abstractIn this chapter, an asymmetric DSGE model is built in order to account for asymmetries in business cycles. One of the most important contributions of this work is the construction of a general utility function which nests loss aversion, risk aversion and habits formation by means of a smooth transition function. The main idea behind this asymmetric utility function is that under recession the agents over-smooth consumption and leisure choices in order to prevent a huge deviation of them from the reference level of the utility; while under boom, the agents simply smooth consumption and leisure, but trying to be as far as possible from the reference level of utility. The simulations of this model by means of Perturbations Method show that it is possible to reproduce asymmetrical business cycles where recession (on shock) are stronger than booms and booms are more long-lasting than recession. One additional and unexpected result is a downward stickiness displayed by real wages. As a consequence of this, there is a more persistent fall in employment in recession than in boom. Thus, the model reproduces not only asymmetrical business cycles but also real stickiness and hysteresis.
dc.format.extent36 páginas
dc.format.mediumRecurso electrónico
dc.format.mimetypeapplication/pdf
dc.language.isoeng
dc.relation.ispartofSerie Documentos de trabajo ; No. 157
dc.relation.isversionof1
dc.relation.urihttps://ideas.repec.org/p/col/000092/011100.html
dc.sourceinstname:Universidad del Rosario
dc.sourcereponame:Repositorio Institucional EdocUR
dc.sourceinstname:Universidad del Rosario
dc.subject.ddcProducción 
dc.subject.lembCiclos económicos::Modelos Econométricos
dc.subject.lembTeoría de la utilidad
dc.subject.lembRiesgo (Economía)::Modelos Econométricos
dc.titleA DSGE model with loss aversion in consumption and leisure: an explanation for business cycles asymmetries
dc.typeworkingPaper
dc.publisherUniversidad del Rosario
dc.publisher.departmentFacultad de Economía
dc.identifier.editorialUniversidad del Rosario, Facultad de Economía
dc.rights.accesRightsinfo:eu-repo/semantics/openAccess
dc.type.spaDocumento de trabajo
dc.rights.accesoAbierto (Texto completo)
dc.type.hasVersioninfo:eu-repo/semantics/acceptedVersion
dc.format.tipoDocumento
dc.rights.ccAtribución-NoComercial-SinDerivadas 2.5 Colombia
dc.relation.citationIssueNo. 157
dc.relation.citationTitleSerie Documentos de trabajo. Economía


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