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Calvo pricing implies output gains, while Rotemberg pricing implies output losses after a disinflation. Introducing …
Persistent link: https://www.econbiz.de/10010343894
The paper studies the effects of credible disinflation in the presence of real wage rigidity, comparing the Calvo and …, gradual disinflation is shown to lead to a delayed slump in output along the transition path. The delayed-slump result is …
Persistent link: https://www.econbiz.de/10010357934
This paper studies monetary policy rules in a small open economy with Inflation Targeting, incomplete pass-through and rigid nominal wages. The paper shows that, when nominal wages are fully flexible and pass-through is low to moderate, the monetary authority should target the consumer price...
Persistent link: https://www.econbiz.de/10011523924
Dieser Beitrag analysiert die Existenz, das Ausmaß sowie die realwirtschaftlichen Implikationen nach unten starrer Nominallöhne in Deutschland. Unter Verwendung von drei alternativen Modellvarianten für die proportionale Abwärtsnominallohnstarrheit wird auf Grundlage der...
Persistent link: https://www.econbiz.de/10009746167
Persistent link: https://www.econbiz.de/10012991192
In this paper we incorporate a labor market with matching frictions and wage rigidities into the New Keynesian business cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions affect the transmission process of monetary policy. The...
Persistent link: https://www.econbiz.de/10012783591
inflation target of the monetary policy. -- Disinflation ; sticky prices ; real wage rigidities ; nonlinearities …
Persistent link: https://www.econbiz.de/10003561618
This paper analyzes the cost of disinflation under real wage rigidities in a micro-founded New Keynesian model. Unlike … adjustment paths. In particular, a disinflation implies a prolonged slump without any need for real wage rigidities …. -- Disinflation ; Sticky Prices ; Real Rigidities …
Persistent link: https://www.econbiz.de/10003747761
This paper analyzes the cost of disinflations under real wage rigidities in a micro-founded New Keynesian model. The consensus is that real wage rigidities can be a useful mechanism to induce the inflation persistence that is absent in the standard Calvo model. Real wage rigidities thus generate...
Persistent link: https://www.econbiz.de/10012766891
The labor market is receiving increasing attention in the New Keynesian literature. In this paper I critically survey this literature in order to highlight the role played by wage rigidities in the explanation of fluctuations caused by technology shocks. To this aim, I present a DSGE model with...
Persistent link: https://www.econbiz.de/10014219545