G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w20555
来源IDWorking Paper 20555
Resurrecting the Role of the Product Market Wedge in Recessions
Mark Bils; Peter J. Klenow; Benjamin A. Malin
发表日期2014-10-06
出版年2014
语种英语
摘要Employment and hours appear far more cyclical than dictated by the behavior of productivity and consumption. This puzzle has been called “the labor wedge” — a cyclical intratemporal wedge between the marginal product of labor and the marginal rate of substitution of consumption for leisure. The labor wedge can be broken into a price markup and a wage markup. Based on the wages of employees, the literature has attributed the labor wedge almost entirely to labor market distortions. Because employee wages may be smoothed versions of the true cyclical price of labor, we instead examine the self-employed and intermediate inputs, respectively. Any observed cyclicality in wedges calculated for these inputs cannot reflect wage markups. Looking at the past quarter century in the U.S. — including the Great Recession and its aftermath — we find that price markup movements are at least as important as wage markup movements. Thus, sticky prices and other forms of countercyclical markups deserve a central place in business cycle research, alongside sticky wages and matching frictions.
主题Macroeconomics ; Consumption and Investment ; Business Cycles
URLhttps://www.nber.org/papers/w20555
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/578228
推荐引用方式
GB/T 7714
Mark Bils,Peter J. Klenow,Benjamin A. Malin. Resurrecting the Role of the Product Market Wedge in Recessions. 2014.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Mark Bils]的文章
[Peter J. Klenow]的文章
[Benjamin A. Malin]的文章
百度学术
百度学术中相似的文章
[Mark Bils]的文章
[Peter J. Klenow]的文章
[Benjamin A. Malin]的文章
必应学术
必应学术中相似的文章
[Mark Bils]的文章
[Peter J. Klenow]的文章
[Benjamin A. Malin]的文章
相关权益政策
暂无数据
收藏/分享

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。