Kim, Kwang Hwan; Katayama, Munechika - In: Global Economic Review 42 (2013) 1, pp. 55-71
This paper examines the role that wealth effects on labour supply play in a two-sector sticky-price model that includes non-durables and housing. Careful analysis of a two-sector sticky-price model reveals that whether there are wealth effects on labour supply fundamentally changes the nature of...