Staggered wages and output dynamics under disinflation

详细信息    查看全文

• 作者：Ascari ; Guido ; Rankin ; Neil
• 关键词：E31 ; E52 ; Staggered wages ; Dynamic general equilibrium ; Disinflation
• 刊名：Journal of Economic Dynamics and Control
• 出版年：2002
• 出版时间：April, 2002
• 年：2002
• 卷：26
• 期：4
• 页码：653-680
• 全文大小：220 K

文摘

We study the output costs of a reduction in monetary growth in a dynamic general equilibrium model with staggered wages. The money wage is fixed for two periods, and is chosen according to intertemporal optimisation. Agents have labour market monopoly power. We show that the introduction of microfoundations helps to resolve the puzzle raised by directly postulated models, namely that disinflation in staggered pricing models causes a boom. In our model disinflation, whether unanticipated or anticipated, unambiguously causes a slump.