The paper introduces habit persistence in consumption decisions in an infinitely-lived agents monetary model where money enters in the utility of the agent. In this case, we show that the equilibrium is saddle path whereas Auray, Collard and Fève [2004] showed that the interplay between habit...

This paper assesses the joint behavior of the nominal interest rate and the expected inflation in flexible and sticky prices monetary models with exogenous money growth rule and technology shock. We then estimate the relation between the nominal interest rate and the expected inflation implied...

The paper introduces habit persistence in consumption decisions in an infinitely-lived agents monetary model where money enters in the utility of the agent. In this case, we show that the equilibrium is saddle path whereas Auray, Collard and Fève [2004] showed that the interplay between habit...

This paper assesses the joint behavior of the nominal interest rate and the expected inflation in flexible and sticky prices monetary models with exogenous money growth rule and technology shock. We then estimate the relation between the nominal interest rate and the expected inflation implied...

The paper introduces habit persistence in consumption decisions in an infinitely-lived agents monetary model with a cash-in-advance constraint. We show that strong enough habit persistence yields indeterminate equilibria. However, real indeterminacy is not per se sufficient to obtain a liquidity...

The paper introduces habit persistence in consumption decisions in an infinitely-lived agents monetary model with a cash-in-advance constraint. We show that strong enough habit persistence yields indeterminate equilibria. However, real indeterminacy is not per se sufficient to obtain a liquidity...

This paper aims to study whether a simple asymmetric adjustment costs model with tractable heterogeneity can account for the observed distribution of French aggregate job flows. Each firm chooses endogenously its level of hiring or firing depending on the level of a specific technology shock....

Following a positive technology shock, a flexible price monetary model with catching up with the Joneses utility function can easily generate a negative and persistent decline in employment. When the effect of relative consumption is large, the model also produces a small short run response of...

Following a positive technology shock, a flexible price monetary model with catching up with the Joneses utility function can easily generate a negative and persistent decline in employment. When the effect of relative consumption is large, the model also produces a small short run response of...

This paper aims to study whether a simple asymmetric adjustment costs model with tractable heterogeneity can account for the observed distribution of French aggregate job flows. Each firm chooses endogenously its level of hiring or firing depending on the level of a specific technology shock....