| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14888 |
| DP14888 Gains from Wage Flexibility and the Zero Lower Bound | |
| Roberto M Billi; Jordi Gali | |
| 发表日期 | 2020-06-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We analyze the welfare impact of greater wage flexibility in the presence of an occasionally binding zero lower bound (ZLB) constraint on the nominal interest rate. We show that the ZLB constraint generally amplifies the adverse effects of greater wage flexibility on welfare when the central bank follows a conventional Taylor rule. When demand shocks are the driving force, the ZLB implies that an increase in wage flexibility reduces welfare even under the optimal monetary policy with commitment. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Labor-market flexibility Nominal rigidities Optimal monetary policy with commitment Taylor rule Zlb constraint |
| URL | https://cepr.org/publications/dp14888 |
| 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/543827 |
| 推荐引用方式 GB/T 7714 | Roberto M Billi,Jordi Gali. DP14888 Gains from Wage Flexibility and the Zero Lower Bound. 2020. |
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