G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10814
DP10814 Unemployment (Fears) and Deflationary Spirals
Wouter Den Haan; Pontus Rendahl; Markus Riegler
发表日期2015-09-13
出版年2015
语种英语
摘要The interaction of incomplete markets and sticky nominal wages is shown to magnify business cycles even though these two features ? in isolation ? dampen them. During recessions, fears of unemployment stir up precautionary sentiments which induces agents to save more. The additional savings may be used as investments in both a productive asset (equity) and an unproductive asset (money). But even a small rise in money demand has important consequences. The desire to hold money puts deflationary pressure on the economy, which, provided that nominal wages are sticky, increases wage costs and reduces firm profits. Lower profits repress the desire to save in equity, which increases (the fear of) unemployment, and so on. This is a powerful mechanism which causes the model to behave differently from both its complete markets version, and a version with incomplete markets but without aggregate uncertainty. In contrast to previous results in the literature, agents uniformly prefer non-trivial levels of unemployment insurance.
主题Monetary Economics and Fluctuations
关键词Business cycles Heterogeneous agents Keynesian unemployment Magnification Propagation Search friction
URLhttps://cepr.org/publications/dp10814
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/539643
推荐引用方式
GB/T 7714
Wouter Den Haan,Pontus Rendahl,Markus Riegler. DP10814 Unemployment (Fears) and Deflationary Spirals. 2015.
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