| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3610 |
| DP3610 Fighting for Talent: Risk-Shifting, Corporate Volatility, and Organizational Change | |
| Guido Friebel; Mariassunta Giannetti | |
| 发表日期 | 2002-10-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | In this Paper we estimate a small model of the Euro area to be used as a laboratory for evaluating the performance of alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the nominal wage contracting model due to Taylor (1980) and three different versions of the relative real wage contracting model proposed by Buiter and Jewitt (1981) and estimated by Fuhrer and Moore (1995a) for the United States. While Fuhrer and Moore reject the nominal contracting model in favor of the relative contracting model which induces more inflation persistence, we find that both models fit Euro area data reasonably well. When considering France, Germany and Italy separately, however, we find that the nominal contracting model fits German data better, while the relative contracting model does quite well in countries which transitioned out of a high inflation regime such as France and Italy. We close the model by estimating an aggregate demand relationship and investigate the consequences of the different wage contracting specifications for the inflation-output variability tradeoff, when interest rates are set according to Taylor?s rule. |
| 主题 | International Macroeconomics |
| 关键词 | European monetary union Euro area Nominal rigidities Inflation persistence Staggered contracts Macroeconomic models |
| URL | https://cepr.org/publications/dp3610 |
| 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/532615 |
| 推荐引用方式 GB/T 7714 | Guido Friebel,Mariassunta Giannetti. DP3610 Fighting for Talent: Risk-Shifting, Corporate Volatility, and Organizational Change. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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