Rule‐of‐Thumb Consumers, Productivity, and Hours*
研究了包含拇指法则消费者的模型中生产率冲击的传导机制，发现这类消费者与名义和实际刚性共同作用，能解释工时负向响应和产出延迟响应的实证现象。
Abstract In this paper, we study the transmission mechanism of productivity shocks in a model with rule‐of‐thumb consumers. In the literature, this financial friction has been studied only with reference to fiscal shocks. We show that the presence of rule‐of‐thumb consumers is also very helpful when accounting for recent empirical evidence on productivity shocks. Rule‐of‐thumb agents, together with nominal and real rigidities, play an important role in reproducing the negative response of hours and the delayed response of output after a productivity shock.