| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12740 |
| 来源ID | Working Paper 12740 |
| Comparing Two Variants of Calvo-Type Wage Stickiness | |
| Stephanie Schmitt-Grohe; Martin Uribe | |
| 发表日期 | 2006-12-04 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | We compare two ways of modeling Calvo-type wage stickiness. One in which each household is the monopolistic supplier of a differentiated type of labor input (as in Erceg, et al., 2000) and one in which households supply a homogenous labor input that is transformed by monopolistically competitive labor unions into a differentiated labor input (as in Schmitt-Grohe and Uribe, 2006a,b). We show that up to a log-linear approximation the two variants yield identical equilibrium dynamics, provided the wage stickiness parameter is in each case calibrated to be consistent with empirical estimates of the wage Phillips curve. It follows that econometric estimates of New Keynesian models that rely on log-linearizations of the equilibrium dynamics are mute about which type of wage stickiness fits the data better. In the context of a medium-scale macroeconomic model, we show that the two variants of the sticky-wage formulation give rise to the same Ramsey-optimal dynamics, which call for low volatility of price inflation. Furthermore, under both specifications the optimized operational interest-rate feedback rule features a large coefficient on price inflation and a mute response to wage inflation and output. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w12740 |
| 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/570403 |
| 推荐引用方式 GB/T 7714 | Stephanie Schmitt-Grohe,Martin Uribe. Comparing Two Variants of Calvo-Type Wage Stickiness. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12740.pdf（185KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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