Ítem
Acceso Abierto
Business cycle asymmetries: Loss aversion, sticky prices, and wages
| dc.creator | Gómez, Wilman | |
| dc.date.accessioned | 2015-10-06T12:50:48Z | |
| dc.date.available | 2015-10-06T12:50:48Z | |
| dc.date.created | 2014 | |
| dc.date.issued | 2014 | |
| dc.description.abstract | In 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. | eng |
| dc.format.extent | 41 páginas | spa |
| dc.format.medium | Recurso electrónico | spa |
| dc.format.mimetype | application/pdf | |
| dc.format.tipo | Documento | spa |
| dc.identifier.doi | https://doi.org/10.48713/10336_10971 | |
| dc.identifier.editorial | Universidad del Rosario | spa |
| dc.identifier.uri | http://repository.urosario.edu.co/handle/10336/10971 | |
| dc.language.iso | spa | |
| dc.publisher | Universidad del Rosario | spa |
| dc.publisher.department | Facultad de Economía | spa |
| dc.relation.citationIssue | No. 160 | |
| dc.relation.citationTitle | Serie Documentos de trabajo. Economía | |
| dc.relation.ispartof | Serie documentos de trabajo. No 160 (Junio 2014) | spa |
| dc.relation.uri | https://ideas.repec.org/p/col/000092/011756.html | |
| dc.rights.accesRights | info:eu-repo/semantics/openAccess | |
| dc.rights.acceso | Abierto (Texto completo) | spa |
| dc.rights.cc | Atribución-NoComercial-SinDerivadas 2.5 Colombia | spa |
| dc.source.instname | instname:Universidad del Rosario | spa |
| dc.source.instname | instname:Universidad del Rosario | spa |
| dc.source.reponame | reponame:Repositorio Institucional EdocUR | spa |
| dc.subject.ddc | Producción | |
| dc.subject.lemb | Economía | spa |
| dc.subject.lemb | Ciclos económicos | spa |
| dc.subject.lemb | Precios::Aspectos Económicos | spa |
| dc.subject.lemb | Análisis de inversiones | spa |
| dc.title | Business cycle asymmetries: Loss aversion, sticky prices, and wages | spa |
| dc.type | workingPaper | eng |
| dc.type.hasVersion | info:eu-repo/semantics/acceptedVersion | |
| dc.type.spa | Documento de trabajo | spa |
