Olivei, Giovanni; Tenreyro, Silvana - London School of Economics (LSE) - 2008
framework to study the importance of wage rigidity in the transmission of monetary policy. The Japanese Shunto presents the most … investigate the effects of monetary policy under different degrees of effective wage rigidity. Our findings lend support to the … long-held, though scarcely tested, view that wage-rigidity plays a key role in the transmission of monetary policy. …