| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10807 |
| DP10807 Trading Down and the Business Cycle | |
| Sérgio Rebelo; Nir Jaimovich; Arlene Wong | |
| 发表日期 | 2015-09-06 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We document two facts. First, during recessions consumers trade down in the quality of the goods and services they consume. Second, the production of low-quality goods is less labor intensive than that of high-quality goods. So, when households trade down, labor demand falls, increasing the severity of recessions. We find that the trading-down phenomenon accounts for a substantial fraction of the fall in U.S. employment in the recent recession. We study two business cycle models that embed quality choice and find that the presence of quality choice magnifies the response of these economies to real and monetary shocks. |
| 主题 | Monetary Economics and Fluctuations ; Macroeconomics and Growth |
| 关键词 | Business cycle Quality choice Recessions |
| URL | https://cepr.org/publications/dp10807 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539637 |
| 推荐引用方式 GB/T 7714 | Sérgio Rebelo,Nir Jaimovich,Arlene Wong. DP10807 Trading Down and the Business Cycle. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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