Results from laboratory experiments using real-effort tasks provide mixed evidence on the relationship between monetary incentives and effort provision. To examine this issue, we design three experiments where subjects participate in two-player real-effort tournaments with two prizes. Experiment...

This paper examines the implications of segmented assets markets for the real and nominal effects of monetary policy. I develop a model, in which varieties of consumption bundles are purchased sequentially. Newly injected money thus disseminates slowly through the economy via second-round...

This article construct a three different types of representative agents New Keynesian (THRANK) model includes housing rental market to explain the transmission of monetary policy to inequality, as well as explore the role that rents play in. The concept of rent rigidity is introduced in model....