G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16764
DP16764 Macroeconomic Dynamics with Rigid Wage Contracts
Tobias Broer; Karl Harmenberg; Erik Öberg
发表日期2021-12-01
出版年2021
语种英语
摘要We adapt the wage contracting structure in Chari (1983) to a dynamic, balanced-growth setting with re-contracting à la Calvo (1983). The resulting wage-rigidity framework delivers a model very similar to that in Jaimovich and Rebelo (2009), with their habit parameter replaced by our probability of wage-contract resetting. That is, if wage contracts can be reset very frequently, labor supply behaves in accordance with King et al. (1988) preferences, whereas if they are sticky for a long time, we obtain the setting in Greenwood et al. (1988), thus allowing significant responses of hours to wage changes.
主题Monetary Economics and Fluctuations
URLhttps://cepr.org/publications/dp16764
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/545698
推荐引用方式
GB/T 7714
Tobias Broer,Karl Harmenberg,Erik Öberg. DP16764 Macroeconomic Dynamics with Rigid Wage Contracts. 2021.
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