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Consumption growth and the real interest rate following a monetary policy shock : is the habit persistence assumption relevant?

Auray, Stéphane; Gallès, Clémentine - In: Recherches économiques de Louvain 74 (2008) 2, pp. 121-142

Persistent link: https://www.econbiz.de/10003717560

Consumption Growth and the Real Interest Rate following a Monetary Policy Shock: Is the Habit Persistence Assumption Relevant?

Auray, Stéphane; Gallès, Clémentine - In: Recherches économiques de Louvain 74 (2008) 2, pp. 121-143

Persistent link: https://www.econbiz.de/10008708902

Consumption Growth and the Real Interest Rate following a Monetary Policy Shock: Is the Habit Persistence Assumption Relevant?

Auray, Stéphane; Gallès, Clémentine - In: Recherches économiques de Louvain 74 (2008) 2, pp. 121-142

Persistent link: https://www.econbiz.de/10008070417

Consumption Growth and the Real Interest Rate following a Monetary Policy Shock: Is the Habit Persistence Assumption Relevant?

Auray, Stéphane; Gallès, Clémentine - In: Recherches économiques de Louvain 74 (2008) 2, pp. 121-142

In this paper, we study the role of habit formation in accounting for the joint behavior of the real interest rate and consumption growth following a monetary policy shock. A VAR estimation on US data shows that following a contractionary monetary policy shock, the real interest rate exhibits a...

Persistent link: https://www.econbiz.de/10005560187