Edge, Rochelle M.; Laubach, Thomas; Williams, John C. - Federal Reserve Board (Board of Governors of the … - 2003
This paper reexamines wage and price dynamics in response to permanent shocks to productivity. We estimate a micro …
December 10, 2003
Abstract
This paper reexamines wage and price dynamics in response to permanent shocks to
productivity. We … shock to productivity that directly a ects marginal costs. As discussed below, the
moments of the data conditional on a …