| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18276 |
| 来源ID | Working Paper 18276 |
| Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes | |
| S. Boragan Aruoba; Morris A. Davis; Randall Wright | |
| 发表日期 | 2012-08-02 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We study models incorporating money, household production, and investment in housing. Inflation, as a tax on market activity, encourages substitution into household production, and thus investment in household capital. Hence, inflation increases the (appropriately deflated) value of the housing stock. This is documented in various data sources. A calibrated model accounts for a fifth to a half of the observed relationships. While this leaves much to be explained, it demonstrates the channel is economically relevant. We also show models with home production imply higher costs of inflation than models without it, especially when home and market goods are close substitutes. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w18276 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575952 |
| 推荐引用方式 GB/T 7714 | S. Boragan Aruoba,Morris A. Davis,Randall Wright. Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18276.pdf（625KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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