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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

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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:
DateEvent
April 2002UNSPECIFIED
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

Data sourced from Thomson Reuters' Web of Knowledge

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