| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20555 |
| 来源ID | Working 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 |
| URL | https://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。 | |||||
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