Equilibrium Nominal Wage Stickiness

2012 ◽  
Author(s):  
Lifang Xu
Keyword(s):  
Nominal Wage ◽  
Wage Stickiness

scholarly journals Nominal Wage Stickiness and Aggregate Supply in the Great Depression

1996 ◽  
Vol 111 (3) ◽  
pp. 853-883 ◽  
Author(s):  
B. S. Bernanke ◽  
K. Carey
Keyword(s):  
Great Depression ◽  
Nominal Wage ◽  
Wage Stickiness ◽  
The Great Depression ◽  
Aggregate Supply

A Model of Nominal Wage Stickiness

2019 ◽  
Author(s):  
Lifang Xu
Keyword(s):  
Nominal Wage ◽  
Wage Stickiness

Three Applications

2015 ◽  
Author(s):  
Edward P. Herbst ◽  
Frank Schorfheide
Keyword(s):  
Government Spending ◽  
Three Dimensions ◽  
New Keynesian ◽  
Model Specification ◽  
Nominal Wage ◽  
Dsge Model ◽  
Wage Stickiness ◽  
Exogenous Shocks ◽  
State Of The Economy ◽  
Technology Growth

This chapter modifies the baseline DSGE model in three dimensions. First, it replaces the AR processes for technology growth and government spending by a VAR process, generalizing the law of motion of the exogenous shocks to make the DSGE model specification more flexible and improve its fit. Second, the chapter adds capital as a factor of production to the baseline New Keynesian DSGE model and includes nominal wage stickiness as well as other forms of rigidities. Finally, it considers a DSGE model that is designed to analyze fiscal as opposed to monetary policy. This model abstracts from nominal rigidities and instead focuses on fiscal policy rules that determine the level of government spending and taxation as a function of the state of the economy.

A Model of Nominal Wage Stickiness

2020 ◽  
pp. 1-12
Author(s):  
Lifang Xu
Keyword(s):  
Nominal Wage ◽  
Wage Stickiness

scholarly journals Sticky Wages: Evidence from Quarterly Microeconomic Data

2012 ◽  
Vol 4 (3) ◽  
pp. 1-32 ◽  
Author(s):  
Hervé Le Bihan ◽  
Jérémi Montornès ◽  
Thomas Heckel
Keyword(s):  
Sample Selection ◽  
Econometric Analysis ◽  
Selection Model ◽  
Time Dependent ◽  
Nominal Wage ◽  
Sample Period ◽  
Wage Setting ◽  
Wage Stickiness ◽  
State Dependent ◽  
Sticky Wages

Using an original micro-dataset from France, we investigate nominal wage stickiness. Nominal wage changes are found to occur at a quarterly frequency of around 38 percent over our sample period, and to be to a large extent staggered across establishments, and very synchronized within establishments. We carry out an econometric analysis of wage changes based on a two-threshold sample selection model. Our results are that the timing of wage adjustments is time-dependent as opposed to state-dependent, there is evidence of predetermination in wage changes, and both backward and forward-looking behavior is relevant in wage setting. (JEL E24, E52, J31)

ITALY'S INDUSTRIAL GREAT DEPRESSION: FASCIST PRICE AND WAGE POLICIES

2013 ◽  
Vol 18 (3) ◽  
pp. 689-720 ◽  
Author(s):  
Claire Giordano ◽  
Gustavo Piga ◽  
Giovanni Trovato
Keyword(s):  
Great Depression ◽  
Industrial Production ◽  
Nominal Wage ◽  
Real Economy ◽  
Labor Costs ◽  
Real Wages ◽  
Trade Restrictions ◽  
Wage Stickiness ◽  
The Great Depression ◽  
Industrial Performance

Industrial production and employment in Italy were hard hit by the Great Depression, and remained below trend until at least 1936. Few quantitative studies have been conducted on the causes of Italy's recession and slow recovery. Using monthly data, and reviving an aggregate supply model published in Bernanke and Carey [Quarterly Journal of Economics111 (1996), 853–883], we empirically test whether Italy's 1930s industrial performance could be related to the Fascist wage and price policies, which, aiming at keeping workers' real wages constant, actually raised firms' labor costs, computed as nominal wages deflated by wholesale prices, hence stalling industrial production. We find evidence of a strong countercyclicality of real wages and of nominal wage stickiness in the period 1929–1936, which would confirm our hypothesis. Trade restrictions are found to play a smaller role in hindering industrial production than previously stated in the literature, whereas we confirm the weak transmission of financial turbulence to the real economy.

scholarly journals Nominal Wage Stickiness and Aggregate Supply in the Great Depression

10.3386/w5439 ◽  
1996 ◽  
Author(s):  
Ben Bernanke ◽  
Kevin Carey
Keyword(s):  
Great Depression ◽  
Nominal Wage ◽  
Wage Stickiness ◽  
The Great Depression ◽  
Aggregate Supply

scholarly journals R & D-Based Growth Model with Nominal Wage Stickiness

2016 ◽  
Vol 06 (05) ◽  
pp. 854-867
Author(s):  
Shunsuke Shinagawa ◽  
Tomohiro Inoue
Keyword(s):  
Growth Model ◽  
Nominal Wage ◽  
Wage Stickiness
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