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dc.creatorGómez, Wilman 
dc.date.accessioned2015-10-06T12:50:48Z
dc.date.available2015-10-06T12:50:48Z
dc.date.created2014
dc.date.issued2014
dc.identifier.urihttp://repository.urosario.edu.co/handle/10336/10971
dc.descriptionIn this chapter, the Smets-Wouters (2003) New Kenesian model is reformulated by introducing the loss aversion utility function developed in chapter two. The purpose of this is to understand how asymmetric real business cycles are linked to asymmetric behavior of agents in a price and wage rigidities set up. The simulations of the model reveal not only that the loss aversion in consumption and leisure is a good mechanism channel for explaining business cycle asymmetries, but also is a good mechanism channel for explaining asymmetric adjustment of prices and wages. Therefore the existence of asymmetries in Phillips Curve. Moreover, loss aversion makes downward rigidities in prices and wages stronger and also reproduces a more severe and persistent fall of the employment. All in all, this model generates asymmetrical real business cycles, asymmetric price and wage adjustment as well as hysteresis.
dc.format.extent41 páginas
dc.format.mediumRecurso electrónico
dc.format.mimetypeapplication/pdf
dc.language.isospa
dc.relation.ispartofSerie documentos de trabajo. No 160 (Junio 2014)
dc.relation.urihttps://ideas.repec.org/p/col/000092/011756.html
dc.sourceinstname:Universidad del Rosario
dc.sourcereponame:Repositorio Institucional EdocUR
dc.sourceinstname:Universidad del Rosario
dc.subject.ddcProducción 
dc.subject.lembEconomía
dc.subject.lembCiclos económicos
dc.subject.lembPrecios::Aspectos Económicos
dc.subject.lembAnálisis de inversiones
dc.titleBusiness cycle asymmetries: Loss aversion, sticky prices, and wages
dc.typeworkingPaper
dc.publisherUniversidad del Rosario
dc.publisher.departmentFacultad de Economía
dc.identifier.editorialUniversidad del Rosario
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


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