全球智库信息集成服务系统(G2TT): Gains from wage Flexibility and the Zero Lower Bound

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w27386
来源ID	Working Paper 27386
	Gains from wage Flexibility and the Zero Lower Bound
	Roberto M. Billi; Jordi Galí
发表日期	2020-06-22
出版年	2020
语种	英语
摘要	We analyze the welfare impact of greater wage flexibility in the presence of an occasionally binding zero lower bound (ZLB) constraint on the nominal interest rate. We show that the ZLB constraint generally amplifies the adverse effects of greater wage flexibility on welfare when the central bank follows a conventional Taylor rule. When demand shocks are the driving force, the ZLB implies that an increase in wage flexibility reduces welfare even under the optimal monetary policy with commitment.
主题	Macroeconomics ; Consumption and Investment ; Business Cycles ; Monetary Policy
URL	https://www.nber.org/papers/w27386
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/585059
推荐引用方式 GB/T 7714	Roberto M. Billi,Jordi Galí. Gains from wage Flexibility and the Zero Lower Bound. 2020.