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Nominal And Real Wage Rigidities
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Book Synopsis Nominal and Real Wage Rigidities in New Keynesian Models by : Marianna Riggi
Download or read book Nominal and Real Wage Rigidities in New Keynesian Models written by Marianna Riggi and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The labor market is receiving increasing attention in the New Keynesian literature. In this paper I critically survey this literature in order to highlight the role played by wage rigidities in the explanation of fluctuations caused by technology shocks. To this aim, I present a DSGE model with sticky prices, nominal wage rigidities, and hiring costs. The comparison between this model and Blanchard and Gali (2006b) highlights the non trivial differences which exist in the way nominal wage and real wage rigidities drive the economy's dynamics. My conclusion is that models incorporating nominal wage rigidities and some degree of price stickiness provide a better account of macroeconomic dynamics than models with real wage rigidities.
Book Synopsis Nominal Versus Real Wage Rigidities by : Pau Rabanal
Download or read book Nominal Versus Real Wage Rigidities written by Pau Rabanal and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Real and Nominal Wage Rigidities and the Rate of Inflation by : Thomas K. Bauer
Download or read book Real and Nominal Wage Rigidities and the Rate of Inflation written by Thomas K. Bauer and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Nominal and Real Wage Rigidities by : Markus Knell
Download or read book Nominal and Real Wage Rigidities written by Markus Knell and published by . This book was released on 2010 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In this paper I study the relation between real wage rigidity (RWR) and nominal price and wage rigidity. I show that in a standard DSGE model RWR is mainly affected by the interaction of the two nominal rigidities and not by other structural parameters. The degree of RWR is, however, considerably influenced by the modelling assumption about the structure of wage contracts (Calvo vs. Taylor) and about other institutional characteristics of wage-setting (clustering of contracts, heterogeneous contract length, indexation). I use survey evidence on price- and wage-setting for 15 European countries to calculate the degrees of RWR implied by the theoretical model. The average levels of RWR are broadly in line with empirical estimates based on macroeconomic data. In order to be able to also match the observed cross-country variation in RWR it is, however, essential to move beyond the country-specific durations of price and wages and to take more institutional details into account"--Abstract.
Book Synopsis Nominal Wage Rigidity and Real Wage Cyclicality by : Marcello M. Estevao
Download or read book Nominal Wage Rigidity and Real Wage Cyclicality written by Marcello M. Estevao and published by . This book was released on 1998 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Robustness and Real Consequences of Nominal Wage Rigidity by : Ernst Fehr
Download or read book The Robustness and Real Consequences of Nominal Wage Rigidity written by Ernst Fehr and published by . This book was released on 2000 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Incidence of Nominal and Real Wage Rigidities in Great Britain by : Richard Barwell
Download or read book The Incidence of Nominal and Real Wage Rigidities in Great Britain written by Richard Barwell and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the extent of rigidities in wage setting in Great Britain over the 1980s and 1990s. Our estimation strategy, which generalizes the work of Altonji and Devereux (2000), models the notional wage growth distribution - the distribution of nominal wage growth that would occur in the absence of rigidities in pay - while allowing for the presence of measurement error in the data. The model then allows for the possibility that the nominal wage growth of a fraction of the workforce may be subject to a nominal or real downward rigidity. Our model suggests that real rigidities in wage setting are more prevalent than nominal rigidities, although the incidence of these real wage rigidities has fallen gradually over time. If firms cannot cut real wages in response to negative demand shocks they may resort to laying off workers. Our results support this microfoundation of the wage-unemployment Phillips curve: Workers who are more likely to be protected from wage cuts are also more likely to lose their jobs.
Book Synopsis How Rigid are Nominal Wages? by : Christoph Knoppik
Download or read book How Rigid are Nominal Wages? written by Christoph Knoppik and published by . This book was released on 2001 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Incidence of Nominal and Real Wage Rigidity by : Julián Messina
Download or read book The Incidence of Nominal and Real Wage Rigidity written by Julián Messina and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents estimates based on individual data of downward nominal and real wage rigidities for thirteen sectors in Belgium, Denmark, Spain and Portugal. Our methodology follows the approach recently developed for the International Wage Flexibility Project, whereby resistance to nominal and real wage cuts is measured through departures of observed individual wage change histograms from an estimated counterfactual wage change distribution that would have prevailed in the absence of rigidity. We evaluate the role of worker and firm characteristics in shaping wage rigidities. We also confront our estimates of wage rigidities to structural features of the labour markets studied, such as the wage bargaining level, variable pay policy and the degree of product market competition. We find that the use of firm-level collective agreements in countries with rather centralized wage formation reduces the degree of real wage rigidity. This finding suggests that some degree of decentralization within highly centralized countries allows firms to adjust wages downwards, when business conditions turn bad. [Resumen de autor]
Book Synopsis Evaluating the Economic Significance of Downward Nominal Wage Rigidity by : Michael W. L. Elsby
Download or read book Evaluating the Economic Significance of Downward Nominal Wage Rigidity written by Michael W. L. Elsby and published by . This book was released on 2006 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper formalizes and assesses empirically the implications of widely observed evidence for downward nominal wage rigidity (DNWR). It shows how a model of DNWR informed by diverse evidence for worker resistance to nominal wage cuts is nevertheless consistent with weak macroeconomic effects. This occurs because firms have an incentive to compress wage increases as well as wage cuts when DNWR binds. By neglecting potential compression of wage increases, the previous literature may have overstated the costs of DNWR to firms. Using a broad range of micro--data from the US and Great Britain I find that firms do indeed compress wage increases as well as wage cuts at times when DNWR binds. Accounting for this reduces the estimated increase in aggregate wage growth due to DNWR to be much closer to zero, consistent with the predictions of the model. These results suggest that DNWR may not provide a strong argument against the targeting of low inflation rates, as practiced by many monetary authorities. Importantly, though, this result is nevertheless consistent with evidence that suggests workers are averse to nominal wage cuts.
Book Synopsis Nominal V. Real Wage Rigidities in New Keynesian Models with Hiring Costs by : Marianna Riggi
Download or read book Nominal V. Real Wage Rigidities in New Keynesian Models with Hiring Costs written by Marianna Riggi and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of labor market frictions into the New Keynesian DSGE model solves some of the main drawbacks of the baseline framework. In this paper we show that this extended model, by assuming real wage rigidities, fails to replicate the correct wage dynamics and the observed negative conditional correlation between supply shocks and employment, known as "productivity-employment puzzle". We then show that these empirical limitations can be overcome by replacing real wage rigidities with nominal wage rigidities, without discarding other appealing features of the model. By adopting a Bayesian perspective, we estimate the dynamic properties of the model with real wage rigidities and confront them with those of the model with nominal wage rigidities, concluding that there is decisive evidence in favor of the latter.
Book Synopsis The Incidence of Nominal and Real Wage Rigidities in Great Britain by : Richard D. Barwell
Download or read book The Incidence of Nominal and Real Wage Rigidities in Great Britain written by Richard D. Barwell and published by . This book was released on 2005 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Incidence of Nominal and Real Wage Rigidity by :
Download or read book The Incidence of Nominal and Real Wage Rigidity written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Wage Rigidity in Germany by : Heiko Stüber
Download or read book Wage Rigidity in Germany written by Heiko Stüber and published by wbv Media GmbH & Company KG. This book was released on 2013-04-22 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: Die Interaktion zwischen Inflation und Arbeitslosigkeit beschäftigt Forscher und Politiker bereits eine längere Zeit. Doch existiert tatsächlich ein Zielkonflikt zwischen Inflation und Arbeitslosigkeit? Heiko Stüber geht dieser und anderen Fragen, die sich mit Lohnstarreit beschäftigen, nach. Der erste und gewichtigste Teil des Buches beschäftigt sich mit Abwärtsnominallohnstarrheit. Er bietet einen Überblick über Ursachen, Ausmaß und Implikationen dieser Starrheit, betrachtet ihre makroökonomischen Konsequenzen und untersucht inwiefern die Starrheit Arbeitnehmer unterschiedlich betrifft. Der zweite Teil des Buches beschäftigt sich mit der Reallohnrigidität neu eingestellter Arbeitnehmer über den Konjunkturzyklus. Der Buchteil bietet einen kurzen Überblick bisheriger empirischer Untersuchungen und neuester Entwicklungen und stellt empirische Evidenz zur Zyklizität von Einstiegslöhnen in Deutschland bereit.
Book Synopsis Downward nominal and real wage rigidity : survey evidence from European firms by : Jan Babecky
Download or read book Downward nominal and real wage rigidity : survey evidence from European firms written by Jan Babecky and published by . This book was released on 2009 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: It has been well established that the wages of individual workers react little, especially downwards, to shocks that hit their employer. This paper presents new evidence from a unique survey of firms across Europe on the prevalence of downward wage rigidity in both real and nominal terms. The authors analyse which firm-level and institutional factors are associated with wage rigidity. The results indicate that it is related to workforce composition at the establishment level in a manner that is consistent with related theoretical models (e.g. efficiency wage theory, insider-outsider theory). The analysis also finds that wage rigidity depends on the labour market institutional environment. Collective bargaining coverage is positively related with downward real wage rigidity, measured on the basis of wage indexation. Downward nominal wage rigidity is positively associated with the extent of permanent contracts and this effect is stronger in countries with stricter employment protection regulations.
Book Synopsis Nominal Wage Rigidities and the Propagation of Monetary Disturbances by : Christopher J. Erceg
Download or read book Nominal Wage Rigidities and the Propagation of Monetary Disturbances written by Christopher J. Erceg and published by . This book was released on 1997 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pay Growth, Fairness and Job Satisfaction by : Jennifer C. Smith
Download or read book Pay Growth, Fairness and Job Satisfaction written by Jennifer C. Smith and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
