کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5068421 1476918 2008 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Influential price and wage setters, monetary policy and real effects
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Influential price and wage setters, monetary policy and real effects
چکیده انگلیسی

Using a microfounded general equilibrium model, this paper shows that when large monopolistic firms or unions perceive even a small influence on aggregate nominal variables, price targeting results in a higher equilibrium output than monetary accommodation. This is because price targeting increases, whereas monetary accommodation decreases, (i) the price elasticity of demand, (ii) the labour elasticity of demand and (iii) the elasticity of the wage with respect to the household's total income. Within this framework, we also show that (a) price targeting combined with wage centralization raise welfare, (b) the standard approximation that no single price or wage setter can affect nominal aggregates is appropriate only when (a) at least a few hundreds of such large firms exist and (b) wage centralization is low.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Journal of Political Economy - Volume 24, Issue 2, June 2008, Pages 503-517
نویسندگان
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