Business cycle asymmetries: Loss aversion, sticky prices, and wages

In this chapter, the Smets-Wouters (2003) New Kenesian model is reformulated by introducing the loss aversion utility function developed in chapter two. The purpose of this is to understand how asymmetric real business cycles are linked to asymmetric behavior of agents in a price and wage rigidities set up. The simulations of the model reveal not only that the loss aversion in consumption and leisure is a good mechanism channel for explaining business cycle asymmetries, but also is a good mechanism channel for explaining asymmetric adjustment of prices and wages. Therefore the existence of asymmetries in Phillips Curve. Moreover, loss aversion makes downward rigidities in prices and wages stronger and also reproduces a more severe and persistent fall of the employment. All in all, this model generates asymmetrical real business cycles, asymmetric price and wage adjustment as well as hysteresis.

A DSGE model with loss aversion in consumption and leisure: an explanation for business cycles asymmetries

In this chapter, an asymmetric DSGE model is built in order to account for asymmetries in business cycles. One of the most important contributions of this work is the construction of a general utility function which nests loss aversion, risk aversion and habits formation by means of a smooth transition function. The main idea behind this asymmetric utility function is that under recession the agents over-smooth consumption and leisure choices in order to prevent a huge deviation of them from the reference level of the utility; while under boom, the agents simply smooth consumption and leisure, but trying to be as far as possible from the reference level of utility. The simulations of this model by means of Perturbations Method show that it is possible to reproduce asymmetrical business cycles where recession (on shock) are stronger than booms and booms are more long-lasting than recession. One additional and unexpected result is a downward stickiness displayed by real wages. As a consequence of this, there is a more persistent fall in employment in recession than in boom. Thus, the model reproduces not only asymmetrical business cycles but also real stickiness and hysteresis.

Escala de ajuste a la pérdida visual relacionada con la edad : adaptación española de la Age-related Vision Loss Scale (AVL Scale) de A. Horowitz y J. P. Reinhardt.

Resumen tomado de la publicación

Canonical syllable reduplication in infants with sensorineural hearing loss. 'Reduplicación y mezcla de sílabas balbuceadas en niños con hipoacusia'.

Resumen en español. Resumen basado en el de la publicación

A survey of the distribution of information regarding hearing loss to parents by hospitals and pediatricians in the St. Louis area

This paper discusses a survey undertaken to review information on hearing loss distributed by St. Louis area hospitals and pediatricians.

Speech intelligibility in noise-induced hearing loss: effects of high-frequency compensation

This dissertation examines the frequency response that results in the maximum level of speech intelligibility for persons with noise-induced hearing loss.

Effect of amplification bandwidth on intelligibility of several different speech samples for a listener with sensorineural hearing loss

This paper examines the effect of amplification bandwidth on speech intelligibility using multiple speech samples.

Effect of auditory processing on the preference of monaural amplification for adults with symmetrical hearing loss

The purpose of this project was to determine if subjects with symmetrical hearing loss who prefer a monaural hearing aid fit to a binaural hearing aid fit may demonstrate an auditory processing disorder causing them to experience binaural interference when fit binaurally.