On the Relative Stickiness of Wages and Prices in Western Europe and the United States
Author : Lucas Pedreira Do Couto Ferraz
Publisher :
Page : 40 pages
File Size : 48,31 MB
Release : 2005
Category :
ISBN :
Author : Lucas Pedreira Do Couto Ferraz
Publisher :
Page : 40 pages
File Size : 48,31 MB
Release : 2005
Category :
ISBN :
Author : David E. Spencer
Publisher :
Page : 0 pages
File Size : 44,97 MB
Release : 1998
Category :
ISBN :
While many modern business cycle theories posit the existence of nominal wage and/or output price stickiness, their relative importance remains an unsettled issue. Using a structural VAR model, this paper exploits evidence on the behavior of real wages to assess the relative importance of these two sources of stickiness. The empirical results suggest that a positive shock to aggregate demand causes a significant temporary fall in real wages. This is taken as evidence that sticky wages have played a more important role than sticky prices in transmitting aggregate demand shocks to real economic activity in the post-war U.S.
Author : United States. Congress. Joint Economic Committee
Publisher :
Page : 492 pages
File Size : 11,83 MB
Release : 1982
Category : Economic policy
ISBN :
Author : Jordi Galí
Publisher : University of Chicago Press
Page : 663 pages
File Size : 31,84 MB
Release : 2010-03-15
Category : Business & Economics
ISBN : 0226278875
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Author : David G. Blanchflower
Publisher : MIT Press
Page : 504 pages
File Size : 49,98 MB
Release : 1994
Category : Business & Economics
ISBN : 9780262023757
The Wage Curve casts doubt on some of the most important ideas in macroeconomics, labor economics, and regional economics. According to macroeconomic orthodoxy, there is a relationship between unemployment and the rate of change of wages. According to orthodoxy in labor economics and regional economics an area's wage is positively related to the amount of joblessness in the area. The Wage Curve suggests that both these beliefs are incorrect. Blanchflower and Oswald argue that the stable relationship is a downward-sloping convex curve linking local unemployment and the level of pay. Their study, one of the most intensive in the history of social science, is based on random samples that provide computerized information on nearly four million people from sixteen countries. Throughout, the authors systematically present evidence and possible explanations for their empirical law of economics.
Author : Laurent Ferrara
Publisher : Springer
Page : 300 pages
File Size : 17,76 MB
Release : 2018-06-13
Category : Business & Economics
ISBN : 3319790757
This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Author : Claire H. Hollweg
Publisher : World Bank Publications
Page : 123 pages
File Size : 35,91 MB
Release : 2014-07-03
Category : Business & Economics
ISBN : 1464802637
This report quantifies labor mobility costs in developing countries and simulates the implied adjustment paths of employment and wages following a change in trade policy. High mobility costs are shown to reduce the potential gains to trade reform.
Author :
Publisher :
Page : 409 pages
File Size : 20,62 MB
Release : 1986
Category :
ISBN : 9780262560375
Author : Martin Neil Baily
Publisher : Columbia University Press
Page : 357 pages
File Size : 32,3 MB
Release : 2004-09-10
Category : Business & Economics
ISBN : 0881324493
Europe grew rapidly for many years, but now, faced with greater challenges, several of the large economies in Europe have either failed to generate enough jobs or have failed to achieve the highest levels of productivity or both. This study explores why Europe's growth slowed, what contribution information technology makes to growth, and what policies could facilitate economic transformation. It emphasizes a system with strong work incentives and a high level of competitive intensity. Europe doesn't need to eliminate its protections for individuals, the authors conclude, but both social programs and policies toward business must be reoriented so that they encourage economic change.
Author : Pierre-Richard Agénor
Publisher : International Monetary Fund
Page : 98 pages
File Size : 33,29 MB
Release : 1995-11-01
Category : Business & Economics
ISBN : 1451854781
This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on economic flexibility and the channels through which labor market imperfections alter the effects of structural adjustment measures are discussed next. The last part of the paper identifies a variety of issues that may require further investigation, such as the link between changes in relative wages and the distributional effects of adjustment policies.