G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11568
DP11568 The New Keynesian Wage Phillips Curve: Calvo vs. Rotemberg
Benjamin Born; Johannes Pfeifer
发表日期2016-10-09
出版年2016
语种英语
摘要We systematically evaluate how to translate a Calvo wage duration into an implied Rotemberg wage adjustment cost parameter in medium-scale New Keynesian DSGE models by making use of the well-known equivalence of the two setups at first order. We consider a wide range of felicity functions and show that the assumed household insurance scheme and the presence of labor taxation greatly matter for this mapping, giving rise to differences of up to one order of magnitude. Our results account for the inclusion of wage indexing, habit formation in consumption, and the presence of fixed costs in production.
主题Monetary Economics and Fluctuations
关键词Wage phillips curve Wage stickiness Rotemberg Calvo
URLhttps://cepr.org/publications/dp11568
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/540382
推荐引用方式
GB/T 7714
Benjamin Born,Johannes Pfeifer. DP11568 The New Keynesian Wage Phillips Curve: Calvo vs. Rotemberg. 2016.
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