| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3410 |
| DP3410 Stock Valuation and Learning about Profitability | |
| Pietro Veronesi; Luboš Pástor | |
| 发表日期 | 2002-06-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We build a New Keynesian model of the business cycle with sticky prices and real wage rigidities motivated by efficiency wages of the gift exchange variety. Compared to a standard sticky price model, our Fair Wage model provides an explanation for structural employment and generates more plausible labour market dynamics, notably accounting for the low correlation between wages and employment. The fair wage induced real wage rigidity also significantly reduces the elasticity of marginal cost with respect to output. The smoother dynamics of real marginal cost increase both amplification and persistence of output responses to monetary shocks, thus remedying the well-known lack of internal propagation of standard sticky price models. We take these improvements as a strong endorsement of the addition of real wage rigidities to nominal price rigidities and conclude that the fair wage extension of this Paper constitutes a promising platform for an enriched New Keynesian synthesis. |
| 主题 | International Macroeconomics |
| 关键词 | Efficiency wages Business cycles Sticky prices Persistence |
| URL | https://cepr.org/publications/dp3410 |
| 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/532430 |
| 推荐引用方式 GB/T 7714 | Pietro Veronesi,Luboš Pástor. DP3410 Stock Valuation and Learning about Profitability. 2002. |
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