Hafedh Bouakez

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Staff Working Papers

Learning-by-Doing or Habit Formation?

Staff Working Paper 2005-15 Hafedh Bouakez, Takashi Kano
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?

Staff Working Paper 2003-43 Hafedh Bouakez, Nooman Rebei
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

Staff Working Paper 2003-35 Hafedh Bouakez
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

Staff Working Paper 2002-27 Hafedh Bouakez, Emanuela Cardia, Francisco Ruge-Murcia
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.

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