Abstract In a Structural Vector-Autoregressive model of the US, the response of the relative
price of durables to a monetary policy contraction is either flat or mildly positive. It …

Sectoral comovement of output and hours worked is a prominent feature of business cycle
data. However, most two‐sector neoclassical models fail to generate this sectoral …

This paper argues that the labor market is key to understanding the “sectoral comovement
puzzle”. We extend the two-sector New Keynesian model with flexible durable good prices …

Parameter Value Target/Source Household parameters β 0.9652 Steady-state adjustment σ
1 Std. business-cycle literature value ϕ 1 Std. business-cycle literature value θ 0.7 Cn Cn+ …

The frequency of nominal wage adjustments varies with macroeconomic conditions, but
existing models exclude such state dependency in wage setting and assume constant …

Abstract In the United States, the inflation and output of durable and nondurable goods
respond to a monetary policy shock in the same direction with a delay. However, the existing …

Using a structural vector autoregression, we document that a contractionary monetary policy
shock triggers a decline in durable and non-durable outputs as well as a contraction in bank …

In a simple two-sector New Keynesian model, sticky prices generate a counterfactual
negative comovement between the output of durable and nondurable goods following a …

We study the redistributive effects of monetary and fiscal policies in a limited-heterogeneity
model. It features two types of households and two types of intermediate firms, with savers …

This thesis studies multi-sector macroeconomic models suitable for policy analysis. The first
and second chapters use a variety of empirical and theoretical macroeconomic models …