کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
965524 930815 2012 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Inflation targets and endogenous wage markups in a New Keynesian model
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Inflation targets and endogenous wage markups in a New Keynesian model
چکیده انگلیسی
Empirical contributions show that wage re-negotiations take place while expiring contracts are still in place. This is captured by assuming that nominal wages are pre-determined. As a consequence, wage setters act as Stackelberg leaders, whereas in the typical New Keynesian model the wage-setting rule implies that they play a Nash game. We present a DSGE New Keynesian model with pre-determined wages and money entering the representative household's utility function and show how these assumptions are sufficient to identify an inverse relationship between the inflation target and the wage markup (and thus employment) both in the short and the long run. This is due to the complementary effects that wage claims and the inflation target have on money holdings. Model estimates suggest that a moderate long-run inflation rate generates non-negligible output gains.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 34, Issue 2, June 2012, Pages 391-403
نویسندگان
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