| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10532 |
| DP10532 Heterogeneity in Wage Setting Behavior in a New-Keynesian Model | |
| Sylvester Eijffinger; Burak Uras | |
| 发表日期 | 2015-04-05 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | In this paper we estimate a New-Keynesian DSGE model with heterogeneity in price and wage setting behavior. In a recent study, Coibion and Gorodnichenko (2011) develop a DSGE model, in which firms follow four different types of price setting schemes: sticky prices, sticky information, rule of thumb, or flexible prices. We enrich Coibion and Gorodnichenko (2011) framework by incorporating heterogeneity in nominal wage setting behavior among households. We solve this DSGE model and estimate it using Bayesian techniques for the United States economy for the period of 1955-2014. Our results confirm the previous findings in the literature regarding the importance of nominal rigidity in wages to better match the macroeconomic data. More importantly, we identify qualitative as well as quantitative business cycle features allowed by the heterogeneity in wage rigidity, such as the persistence in price and the wage inflation, which a standard New Keynesian model with only Calvo-type wage rigidity fails to achieve. We also show that modelling wage rigidity heterogeneity - as oppose to standard-Calvo-wages - amplifies the macroeconomic output fluctuations resulting from a technology shock whereas it mitigates the output fluctuations following a monetary tightening. |
| 主题 | International Macroeconomics |
| 关键词 | Heterogeneity Price wage and information stickiness Bayesian estimation |
| URL | https://cepr.org/publications/dp10532 |
| 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/539364 |
| 推荐引用方式 GB/T 7714 | Sylvester Eijffinger,Burak Uras. DP10532 Heterogeneity in Wage Setting Behavior in a New-Keynesian Model. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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