| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1796 |
| DP1796 Creating Illegal Immigrants | |
| Arye L. Hillman; Avi Weiss; Gil S Epstein | |
| 发表日期 | 1998-01-31 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | We study the output costs of a reduction in monetary growth in a dynamic general equilibrium model with staggered wages. As in John Taylor?s approach, the money wage is fixed for two periods, but in our model it is also chosen according to intertemporal optimization, as are consumption and money demand. Agents have labour market monopoly power. We show that the introduction of microfoundations helps to resolve the puzzle recently raised by Laurence Ball, namely that disinflation in staggered pricing models causes a boom. In our model disinflation, whether unanticipated or anticipated, unambiguously causes a slump. |
| 主题 | International Macroeconomics |
| 关键词 | Disinflation Dynamic general equilibrium Staggered wages |
| URL | https://cepr.org/publications/dp1796 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530939 |
| 推荐引用方式 GB/T 7714 | Arye L. Hillman,Avi Weiss,Gil S Epstein. DP1796 Creating Illegal Immigrants. 1998. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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