Escudo Universidad de Antioquia

Sistema de Bibliotecas

Universidad de Antioquia

Biblioteca Digital de Acceso Abierto UdeA


Por favor, use este identificador para citar o enlazar este ítem: http://hdl.handle.net/10495/6751
Registro completo de metadatos
Campo DC Valor Lengua/Idioma
dc.contributor.authorGómez Muñoz, Wilman Arturo-
dc.date.accessioned2017-04-04T20:36:50Z-
dc.date.available2017-04-04T20:36:50Z-
dc.date.issued2014-
dc.identifier.citationGómez Muñoz, W. A. (2014). A DSGE Model with loss aversion in consumption and leisure : an explanation for business cycles aymmetries. Documentos de Trabajo, (157), 1-37.es_ES
dc.identifier.urihttp://hdl.handle.net/10495/6751-
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 notonly asymmetrical business cycles but also real stickiness and hysteresis .es_ES
dc.format.extent1-37es_ES
dc.format.mimetypeapplication/pdfes_ES
dc.language.isoenes_ES
dc.publisherUniversidad del Rosarioes_ES
dc.type.hasversioninfo:eu-repo/semantics/acceptedVersiones_ES
dc.rightsinfo:eu-repo/semantics/openAccesses_ES
dc.sourceinstname: Universidad de Antioquiaes_ES
dc.sourcereponame: Repositorio Institucional Universidad de Antioquiaes_ES
dc.subjectCiclos económicoses_ES
dc.subjectFunción de utilidades_ES
dc.subjectModelos de equilibrio generales_ES
dc.titleA DSGE model with loss aversion in consumption and leisure : an explanation for business cycles asymmetrieses_ES
dc.typeinfo:eu-repo/semantics/workingPaperes_ES
dc.relation.numero157es_ES
Aparece en las colecciones: Ciencias Sociales y Humanidades

Ficheros en este ítem:
Fichero Descripción Tamaño Formato  
GomezWilman_2014_DSGEModelAversion.pdfDocumentos de Trabajo731,96 kBAdobe PDFVisualizar/Abrir


Este ítem está sujeto a una licencia Creative Commons Licencia Creative Commons Creative Commons

 


Unidad de Gestión Tecnológica /Sistema de Bibliotecas / Universidad de Antioquia / Cl. 67 Nº 53 - 108 - Bloque 8 Conmutador: 219 51 51- 219 51 40 comunicacionessistemadebibliotecas@udea.edu.co Medellín - Colombia