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Staggered wages and output dynamics under disinflation
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Ascari, Guido and Rankin, Neil (2002) Staggered wages and output dynamics under disinflation. Journal of Economic Dynamics and Control, 26 (4). pp. 653-680. doi:10.1016/S0165-1889(00)00077-4 ISSN 0165-1889.
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Official URL: http://dx.doi.org/10.1016/S0165-1889(00)00077-4
Abstract
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. (C) 2002 Elsevier Science B.V. All rights reserved.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HC Economic History and Conditions | ||||
| Divisions: | Faculty of Social Sciences > Economics | ||||
| Journal or Publication Title: | Journal of Economic Dynamics and Control | ||||
| Publisher: | Elsevier | ||||
| ISSN: | 0165-1889 | ||||
| Official Date: | April 2002 | ||||
| Dates: |
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| Volume: | 26 | ||||
| Number: | 4 | ||||
| Number of Pages: | 28 | ||||
| Page Range: | pp. 653-680 | ||||
| DOI: | 10.1016/S0165-1889(00)00077-4 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published |
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