Hafedh Bouakez - Latest
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Learning-by-Doing or Habit Formation?
In a recent paper, Chang, Gomes, and Schorfheide (2002) extend the standard real business cycle (RBC) model to allow for a learning-by-doing (LBD) mechanism whereby current labour supply affects future productivity. -
Why Does Private Consumption Rise After a Government Spending Shock?
Recent empirical evidence suggests that private consumption is crowded-in by government spending. This outcome violates existing macroeconomic theory, according to which the negative wealth effect brought about by a rise in public expenditure should decrease consumption. -
Real Exchange Rate Persistence in Dynamic General-Equilibrium Sticky-Price Models: An Analytical Characterization
This paper assesses analytically the ability of dynamic general-equilibrium sticky-price models to generate persistent real exchange rate fluctuations. It develops a tractable general-equilibrium model with Calvo-type price stickiness. -
Habit Formation and the Persistence of Monetary Shocks
This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this persistence, but standard general-equilibrium models with sticky prices fail to generate output responses beyond the duration of nominal contracts. -
Nominal Rigidity, Desired Markup Variations, and Real Exchange Rate Persistence
This paper develops and estimates a dynamic general-equilibrium sticky-price model that accounts for real exchange rate persistence.