Nason, James M.; Kano, Takashi - Society for Computational Economics - SCE - 2004
resemble actual business cycles has lead to the use of habit formation in consumption. For example, habit formation has been … calibration approach, this paper observes that, especially in a new Keynesian monetary business cycle model with both staggered … clear implications on other business cycle aspects including impulse responses and forecast error variance decompositions of …