منابع مشابه
Downward wage rigidity and business cycle asymmetries
The growth rates of wages, unemployment and output of a number of OECD countries have a strongly skewed distribution. In this paper we analyze to what extent downward wage rigidities can explain these empirical business cycle asymmetries. To this aim, we introduce asymmetric wage adjustment costs in a New-Keynesian DSGE model with search and matching frictions in the labor market. Increasing wa...
متن کاملBusiness Cycles , Wage Stickiness and Labor Market Disequilibrium
Real Business Cycles are often studied in the context of the general equlibrium framework with competitive markets, flexible wages and prices. This restricts the effective application of intertemporal models to the real world business cycles. Stickiness of wages and prices have been considered in recent monopolistic competition models. In this paper, we go a step further and separate labor supp...
متن کاملWage Stickiness and Nonclearing Labor Market in Business Cycles ∗
This paper presents a dynamic optimization model of RBC type augmented by wage stickiness, and nonclearing labor market. Agents are required to adaptively optimize when facing constraints on the markets. Calibration for the U. S. economy shows that the model will produce higher volatility in employment. Moreover, it provides more reasonable cross-correlation of employment and wages with other m...
متن کاملNominal Rigidity, Monetary Policy and Expectation Driven Business Cycles
Abstract In this paper, I explore the effects nominal rigidities and monetary policies have on the generation of Pigou cycles, that is, business cycles driven by agents’ expectations of future technology. The optimal response of the central bank is analyzed under circumstances when agents receive a signal indicating the technology change in the future. To achieve these objectives, I introduce n...
متن کاملReciprocity and downward wage rigidity
The employment relationship is to a large extent characterized by incomplete contracts, in which workers have a considerable degree of discretion over the choice of their work effort. This discretion at work kicks in the potential importance of ‘‘gift exchange” or reciprocity between workers and employers in their employment relationship. Built on the seminal work of Akerlof (1980), this paper ...
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ژورنال
عنوان ژورنال: Labour Economics
سال: 2012
ISSN: 0927-5371
DOI: 10.1016/j.labeco.2012.05.004