scholarly journals The Prospect of Migration, Sticky Wages, and 'Educated Unemployment'

2011 ◽  
Author(s):  
Oded Stark ◽  
C. Simon Simon Fan
Keyword(s):  
Sticky Wages

Real business cycles, sticky wages or sticky prices? The impact of technology shocks on US manufacturing

2005 ◽  
Vol 49 (3) ◽  
pp. 745-760 ◽  
Author(s):  
James R. Malley ◽  
V.Anton Muscatelli ◽  
Ulrich Woitek
Keyword(s):  
Business Cycles ◽  
Sticky Prices ◽  
Technology Shocks ◽  
Real Business Cycles ◽  
Impact Of Technology ◽  
The Impact ◽  
Sticky Wages

scholarly journals Asset Returns, the Business Cycle and the Labor Market

2013 ◽  
Vol 14 (3) ◽  
pp. 372-397 ◽  
Author(s):  
Burkhard Heer ◽  
Alfred Maußner
Keyword(s):  
Labor Market ◽  
Business Cycle ◽  
Equity Premium ◽  
Working Hours ◽  
New Keynesian ◽  
Monetary Shocks ◽  
Productivity Shocks ◽  
New Keynesian Models ◽  
The Business Cycle ◽  
Sticky Wages

Abstract We review the labor market implications of recent real-business cycle and New Keynesian models that successfully replicate the empirical equity premium. We document the fact that all models reviewed in this article that do not feature either sticky wages or immobile labor between two production sectors as in Boldrin et al. (2001) imply a negative correlation of working hours and output that is not observed empirically. Within the class of Neo-Keynesian models, sticky prices alone are demonstrated to be less successful than rigid nominal wages with respect to the modeling of the labor market stylized facts. In addition, monetary shocks in these models are required to be much more volatile than productivity shocks to match statistics from both the asset and labor market.

scholarly journals The Prospect of Migration, Sticky Wages, and “Educated Unemployment”

2011 ◽  
Vol 19 (2) ◽  
pp. 277-287 ◽  
Author(s):  
Oded Stark ◽  
C. Simon Fan
Keyword(s):  
Sticky Wages

scholarly journals Rule-of-Thumb Consumers Meet Sticky Wages

2011 ◽  
Vol 43 (2-3) ◽  
pp. 325-353 ◽  
Author(s):  
ANDREA COLCIAGO
Keyword(s):  
Rule Of Thumb ◽  
Sticky Wages

scholarly journals A Spatial Evolutionary Study of Technological Innovation Talents’ Sticky Wages and Technological Innovation Efficiency Based on the Perspective of Sustainable Development

2018 ◽  
Vol 10 (11) ◽  
pp. 4201 ◽  
Author(s):  
Xiao Dai ◽  
Jian Wu ◽  
Liang Yan
Keyword(s):  
Sustainable Development ◽  
Information Transmission ◽  
Technological Innovation ◽  
Information Dissemination ◽  
Evolutionary Relationship ◽  
Economic Transformation ◽  
Market Mechanism ◽  
Eastern Region ◽  
Sticky Wages ◽  
Initial Results

In China, with the deepening of the reform of industrial structures, the improvement of technological innovation has become a key issue. This is not only related to whether the strategic development of Chinese science and technology can be achieved, but also whether the Chinese economy and high-quality human capital can develop sustainably. Based on the theoretical boundary of sustainable development—free transfer of information—we see that sticky wages are the embodiment of information dissemination. Under the dual effects of profit-seeking behavior and information barriers, the relationship between the sticky wages of technological innovation talents (TIT), as the most profitable labor force, and technological innovation efficiency (TIE) has become more complex, and so far we still have a limited understanding of it. We explore this issue in an empirical study by using a two-stage chain Data Envelopment Analysis (DEA) of TIE followed by modifying the wages of TIT; finally, we build a collaborative evolution model with spatial effects on a large dataset (from 2007 to 2016). The results show that the overall Chinese TIE is relatively low, and in the central and western regions the TIE has been seriously reversed; there are also divergences in the TIE at different stages in the regions we focus on. As the output of technological innovation, except for initial results (such as patents), the more important value is whether it has an ability to transform the initial results into production, and the core of it is whether it can match the market environment and technology transfer system (for example, market mechanism, transformation incentive mechanism, and institutional mechanism). So, considering these aspects, the central and west of China are obviously insufficient, while the east has obvious advantages; this can also explain the results of spatial diffusion, namely, in the eastern region it is higher than in other areas, but the gap between them is gradually narrowing; lastly, from the perspective of synergy, the wage stickiness of TIT in the central region is larger than that of the eastern and western regions, and the evolutionary relationship in the former is “extruding” while in the latter it is “cooperative.” Mainly due to the popularity of the eastern innovation network and the initial state of the west, the barriers of information transmission are relatively low, while the central part is undergoing economic transformation, so its extreme demand for TIT has pushed up the cost of information transmission.

scholarly journals Some Evidence on the Importance of Sticky Wages

2010 ◽  
Author(s):  
Alessandro Barattieri ◽  
Susanto Basu ◽  
Peter Gottschalk
Keyword(s):  
Sticky Wages

MPCs, MPEs, and Multipliers: A Trilemma for New Keynesian Models

2021 ◽  
pp. 1-41
Author(s):  
Adrien Auclert ◽  
Bence Bardóczy ◽  
Matthew Rognlie
Keyword(s):  
Labor Supply ◽  
New Keynesian ◽  
Fiscal Multipliers ◽  
New Keynesian Models ◽  
Sticky Wages

Abstract We show that New Keynesian models with frictionless labor supply face a challenge: given standard parameters, they cannot simultaneously match plausible estimates of marginal propensities to consume (MPCs), marginal propensities to earn (MPEs), and fiscal multipliers. A HANK model with sticky wages provides a solution to this trilemma.

Long-Run Inflation and the Distorting Effects of Sticky Wages and Technical Change

2018 ◽  
Vol 51 (1) ◽  
pp. 5-42 ◽  
Author(s):  
LOUIS PHANEUF ◽  
JEAN GARDY VICTOR
Keyword(s):  
Technical Change ◽  
Long Run ◽  
Sticky Wages

scholarly journals Unemployment Fluctuations, Match Quality, and the Wage Cyclicality of New Hires

2020 ◽  
Vol 87 (4) ◽  
pp. 1876-1914 ◽  
Author(s):  
Mark Gertler ◽  
Christopher Huckfeldt ◽  
Antonella Trigari
Keyword(s):  
Job Search ◽  
Marginal Cost ◽  
Market Volatility ◽  
Match Quality ◽  
Composition Effects ◽  
Reasonable Approximation ◽  
Job Match ◽  
Wage Cyclicality ◽  
Sticky Wages ◽  
New Hires

Abstract We revisit the issue of the high cyclicality of wages of new hires. We show that after controlling for composition effects likely involving procyclical upgrading of job match quality, the wages of new hires are no more cyclical than those of existing workers. The key implication is that the sluggish behaviour of wages for existing workers is a better guide to the cyclicality of the marginal cost of labour than is the high measured cyclicality of new hires wages unadjusted for composition effects. Key to our identification is distinguishing between new hires from unemployment versus those who are job changers. We argue that to a reasonable approximation, the wages of the former provide a composition-free estimate of the wage flexibility, while the same is not true for the latter. We then develop a quantitative general equilibrium model with sticky wages via staggered contracting, on-the-job search, and heterogeneous match quality, and show that it can account for both the panel data evidence and aggregate evidence on labour market volatility.

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