| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2231 |
| DP2231 The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries | |
| Philip Lane | |
| 发表日期 | 1999-09-30 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | We look for a theoretical justification of nominal wage contracts in household diversification of risk. We assume it is more costly for households than for firms to use financial markets for this purpose. In a calibrated general equilibrium model we find from stochastic simulation that if both productivity and monetary shocks are temporary then optimal wage contracts are overwhelmingly nominal. When the dominant shock-usually money - is persistent, wage indexation or the auction wage share (each a form of 'real wage protection') rises sharply. OECD experience in the 1970s fits the model's prediction of high wage protection; for the 1990s the model predicts little reduction in protection. The model suggests that the persistence in monetary shocks- implying that the central bank targets the growth rate rather than the level of the money supply (or the price level), or 'base drift' as currently practised throughout the OECD- not only raises wage protection but also reduces welfare in a world where productivity shocks are persistent, as both theory and our empirical results suggest they are. This suggests that this central bank practice is due for review. |
| 主题 | International Macroeconomics |
| 关键词 | Base drift Indexation of loans Monetary targets Nominal rigidity |
| URL | https://cepr.org/publications/dp2231 |
| 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/531332 |
| 推荐引用方式 GB/T 7714 | Philip Lane. DP2231 The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries. 1999. |
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