Olivei, Giovanni; Tenreyro, Silvana - London School of Economics (LSE) - 2007
framework to study the importance of wage rigidity in the transmission of monetary policy. The Japanese Shunto, for example … until the following year; wage rigidity, thus, is relatively higher immediately after the Shunto. In contrast, wage …, and France) to investigate the effects of monetary policy under different degrees of effective wage rigidity. Our findings …