Credit frictions and the comovement between durable and non-durable consumption

• 成果类型: Article
• 署名作者: Sterk, Vincent
• 署名单位: European Central Bank; De Nederlandsche Bank NV; Vrije Universiteit Amsterdam; University of Amsterdam
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2009.12.006
• 发表日期: 2010
• 页码: 217-225
• 关键词: New-Keynesian models; financial frictions; general equilibrium

摘要

Frictions in lending between households have been proposed as a Solution to the difficulties new-Keynesian models have in predicting a decline ill both durable and nondurable consumption following a monetary tightening. By revisiting a standard new-Keynesian framework with collateral constraints, it is shown that the presence Of Such credit frictions in fact makes it more difficult to generate the joint decline. The intuitive reasons behind this result are provided, which should be helpful in developing models that are more successful in generating a Positive comovement between durables and non-durables. (C) 2009 Elsevier B.V. All rights reserved.