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2004•RePEc: Research Papers in EconomicsRequires access

Technology Shock and Employment under Catching up with the Joneses

Patrick Fève

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Abstract

Following a positive technology shock, a flexible price monetary model with catching up with the Joneses utility function can easily generate a negative and persistent decline in employment. When the effect of relative consumption is large, the model also produces a small short run response of output to a technology shock. I would like to thank Fabrice Collard and Martial Dupaigne for helpful discussions. The traditional disclaimer applies.

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Following a positive technology shock, a flexible price monetary model with catching up with the Joneses utility function can easily generate a negative and persistent decline in employment. When the effect of relative consumption is large, the model also produces a small short run response of output to a technology shock. I would like to thank Fabrice Collard and Martial Dupaigne for helpful discussions. The traditional disclaimer applies.

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Available abstract

Following a positive technology shock, a flexible price monetary model with catching up with the Joneses utility function can easily generate a negative and persistent decline in employment. When the effect of relative consumption is large, the model also produces a small short run response of output to a technology shock. I would like to thank Fabrice Collard and Martial Dupaigne for helpful discussions. The traditional disclaimer applies.

Key concepts: Keeping up with the Joneses, Shock (circulatory), Economics, Consumption (sociology), Technology shock, Function (biology), Monetary economics, Growth model

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