Sticky Price Models, Durable Goods, and Real Wage Rigidities
نویسندگان
چکیده
منابع مشابه
Do Flexible Durable Goods Prices Undermine Sticky Price Models?
The “neoclassical synthesis” sticky price model exhibits strange behavior when augmented with markets for durable goods with flexible prices. While in the data the output of durable goods responds strongly and positively to a loosening of monetary policy, in dynamic general equilibrium models a monetary expansion causes the output of flexibly priced durables to contract. In an instructive speci...
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4 Non-technical summary 5
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In New Keynesian models with sticky wages, the quantity of labor is solely determined by the demand side. Unions with monopsony power set the wage above what it takes to make agents work. If wages are sticky, however, a change of circumstances may make the demand for labor higher than agents’ willingness to work. Because of the simplicity of log-linearization, the literature implicitly assumes ...
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ژورنال
عنوان ژورنال: Journal of Money, Credit and Banking
سال: 2018
ISSN: 0022-2879,1538-4616
DOI: 10.1111/jmcb.12499