| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w4568
|
| 来源ID | Working Paper 4568
|
| Prices, Wages, and Employment in the U.S. Economy: A Traditional Model and Tests of Some Alternatives |
| Albert Ando; Flint Brayton
|
| 发表日期 | 1993-12-01
|
| 出版年 | 1993
|
| 语种 | 英语
|
| 摘要 | In this paper, we outline the cost minimizing behavior of oligopoly firms and the price adjustment process in the labor market which underlie the traditional formulation of aggregate wage-price behavior in the U.S., and show that resulting equations applied to U.S. data remain stable before and after the significant change in the monetary policy rule that had taken place in 1979. This result contradicts the prediction of the Lucas critique applied to this context that, in response to a major change of the monetary policy rule, the Phillips curve and the price setting equation of firms would have undergone significant changes. We test several competing hypotheses for the price level determination, including the possibility that more direct effect of the money supply should be relevant, and show that our formulation dominates alternatives in non- nested tests. Finally, we present evidence that the nature of capital is putty-clay rather than fully malleable, together with a demand function for labor based on this recognition. In the process of these inquiries, we contrast our formulation with that proposed by Layard and Nickell in England. |
| 主题 | Macroeconomics
; Business Cycles
; Monetary Policy
|
| URL | https://www.nber.org/papers/w4568
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561950
|
推荐引用方式
GB/T 7714 |
Albert Ando,Flint Brayton. Prices, Wages, and Employment in the U.S. Economy: A Traditional Model and Tests of Some Alternatives. 1993.
|
|
文件名：
|
w4568.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
