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|z 9781484335451
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|a Cantelmo, Alessandro.
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|a Monetary Policy and the Relative Price of Durable Goods /
|c Alessandro Cantelmo, Giovanni Melina.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2017.
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|a 1 online resource (81 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a In a SVAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new-house and nondurables prices. These findings are rationalized via the estimation of a two-sector New-Keynesian (NK) models. Durables prices are estimated to be as sticky as nondurables, leading to a flat relative price response to a monetary shock. Conversely, house prices are estimated to be almost flexible. Such results survive several robustness checks and a three-sector extension of the NK model. These findings have implications for building two-sector NK models with durable and nondurable goods, and for the conduct of monetary policy.
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|a Mode of access: Internet
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|a Melina, Giovanni.
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|a IMF Working Papers; Working Paper ;
|v No. 2017/290
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2017/290/001.2017.issue-290-en.xml
|z IMF e-Library
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