Optimising Agents, Staggered Wages and Persistence in The Real Effects of Money Shocks  

Oleh:

Ascari, Guido

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 110 no. 465 (2000), page 664-686.
Topik: Wages; optimising agents; wages; real effects; money stocks
Fulltext: 664.pdf (321.67KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

In this paper we incorporate Taylor's (1979) staggered wage setting into an optimising dynamic general equilibrium framework to study whether staggered wages could induce a high degree of persistence in the real effects of money shocks. We conclude that high persistence is an unlikely outcome. Sensible values of the microeconomic parameters and / or a moderate rate of underlying inflation imply a low degree of persistence. Furthermore, once explicit microfoundations are taken into account, we show that : (i) the model is highly non - linear ; (ii) the inertia of the system is inversely related to the level of average inflation

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali