神戸大学金融研究会
(Monetary Economics Seminar of Kobe University)

日時:
(Date&Time)
3月1日(土) 14時から (Saturday, March 1, 2:00pm〜)
報告者:
(Speaker)
加納 隆 氏 (KANO Takashi)
所属:
(Affiliation)
東京大学 (The University of Tokyo)
論題:
(Topic)
"Business Cycle Implications of Internal Habit Formation"
概要:
(Abstract)

The inability of a wide array of dynamic stochastic general equilibrium (DSGE) models to produce theoretical dynamics that resemble actual aggregate fluctuations has lead to the use of habit formation in consumption. This paper studies a one-sector real business cycle (RBC) model and new Keynesian monetary business cycle models (NK-MBCs) with and without internal consumption habits. Bayesian Monte Carlo experiments reveal that the one-sector RBC model yields a superior fit to the data, while the match between the data and NK-MBCs depends on the source of the nominal rigidity. Although our results suggest that habit formation improves the fit of DSGE models, the match is sensitive to whether the focus is only on the business cycle frequencies or the entire spectrum.

会場:
(Place)
神戸大学経済経営研究所 会議室(研究所新館2階)
RIEB Meeting Room (New Building 2nd floor)
対象:
(Intended Audience)
基本的に会員制の研究会ですが、非会員で関心のある方の参加も歓迎します。
The seminar is primarily for the workshop members. But non-members are also welcome to attend.
備考:
(Note)

論文のコピーは開催日当日に会場にご用意いたします。
Copies of the paper will be available on that day of the seminar at meeting place.
セミナー参加を希望される方はお手数ですがご氏名、ご所属、ご連絡先(メ-ルアドレス)を事前に研究助成室までご連絡下さい。
If you would like to attend our workshop, please email us at Research Assistant Section your name, affiliation and email address beforehand.