G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9806
DP9806 Understanding the Gains from Wage Flexibility: The Exchange Rate Connection
Jordi Gali; Tommaso Monacelli
发表日期2014-02-02
出版年2014
语种英语
摘要We study the gains from increased wage flexibility and their dependence on exchange rate policy, using a small open economy model with staggered price and wage setting. Two results stand out: (i) the impact of wage adjustments on employment is smaller the more the central bank seeks to stabilize the exchange rate, and (ii) an increase in wage flexibility often reduces welfare, and more likely in economies under an exchange rate peg or an exchange rate-focused monetary policy. Our findings call into question the common view that wage flexibility is particularly desirable in a currency union.
主题International Macroeconomics
关键词Currency unions Exchange rate policy Exchange rate regime Monetary policy rules. New keynesian model Nominal rigidities Stabilization policies Stabilization policy Sticky wages
URLhttps://cepr.org/publications/dp9806
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/538642
推荐引用方式
GB/T 7714
Jordi Gali,Tommaso Monacelli. DP9806 Understanding the Gains from Wage Flexibility: The Exchange Rate Connection. 2014.
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