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Working Less and Bargain Hunting More : Macro Implications of Sales during Japan's Lost Decades
http://hdl.handle.net/2261/56087
http://hdl.handle.net/2261/5608709e9fcc1-d36b-4148-9bd6-206ece189174
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
wp047.pdf (1.0 MB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2015-05-11 | |||||
| タイトル | ||||||
| タイトル | Working Less and Bargain Hunting More : Macro Implications of Sales during Japan's Lost Decades | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | sales | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | monetary policy | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | lost decades | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | time use | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL classification: E3, E5 | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| 著者 |
Sudo, Nao
× Sudo, Nao× Ueda, Kozo× Watanabe, Kota× Watanabe, Tsutomu |
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| 著者所属 | ||||||
| 著者所属 | Bank of Japan | |||||
| 著者所属 | ||||||
| 著者所属 | Waseda University | |||||
| 著者所属 | ||||||
| 著者所属 | Meiji University | |||||
| 著者所属 | ||||||
| 著者所属 | University of Tokyo | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | Standard New Keynesian models have often neglected temporary sales. In this paper, we ask whether this treatment is appropriate. In the empirical part of the paper, we provide evidence using Japanese scanner data covering the last two decades that the frequency of sales was closely related with macroeconomic developments. Specifically, we find that the frequency of sales and hours worked move in opposite directions in response to technology shocks, producing a negative correlation between the two. We then construct a dynamic stochastic general equilibrium model that takes households'decisions regarding their allocation of time for work, leisure, and bargain hunting into account. Using this model, we show that the rise in the frequency of sales, which is observed in the data, can be accounted for by the decline in hours worked during Japan's lost decades. We also find that the real effect of monetary policy shocks weakens by around 40% due to the presence of temporary sales, but monetary policy still matters. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 2012～2016年度科学研究費補助金[基盤研究(S)]「長期デフレの解明」(研究代表者 東京大学経済学研究科・渡辺努, 課題番号：24223003) | |||||
| 書誌情報 |
JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series 巻 047, 発行日 2014-09 |
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| 出版者 | ||||||
| 出版者 | UTokyo Price Project | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.price.e.u-tokyo.ac.jp/researchdata/ | |||||
