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State Dependency in Price and Wage Setting
http://hdl.handle.net/2261/56321
http://hdl.handle.net/2261/56321ff586cd1-c2db-4b8b-9dac-9e9ade23ef6f
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
wp052.pdf (304.7 kB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2015-05-11 | |||||
| タイトル | ||||||
| タイトル | State Dependency in Price and Wage Setting | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL classification: E31, E32. | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Nominal wage stickiness | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | state-dependent setting | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | time-dependent setting | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | monetary nonneutralities | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | New Keynesian models | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| 著者 |
Takahashi, Shuhei
× Takahashi, Shuhei |
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| 著者所属 | ||||||
| 著者所属 | Institute of Economic Research, Kyoto University | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | The frequency of nominal wage adjustments varies with macroeconomic conditions. Existing macroeconomic analyses exclude such state dependency in wage setting, assuming exogenous timing and constant frequency of wage adjustments under time-dependent setting (e.g., Calvo- and Taylor-style setting). To investigate how state dependency in wage setting influences the transmission of monetary shocks, this paper develops a New Keynesian model in which the timing and frequency of wage changes are endogenously determined in the presence of fixed wage-setting costs. I find that state-dependent wage setting reduces the real impacts of monetary shocks compared to time-dependent setting. Further, with state dependency, monetary nonneutralities decrease with the elasticity of demand for differentiated labor, while the opposite holds under time-dependent setting. Next, this paper examines the empirical importance of state dependency in wage setting. To this end, I augment the model with habit formation, capital accumulation, capital adjustment costs, and variable capital utilization. When parameterized to reproduce the fluctuations in wage rigidity observed in the U.S. data, the state-dependent wage-setting model shows a response to monetary shocks quite similar to that of the time-dependent counterpart. The result suggests that for the U.S. economy, state dependency in wage setting is largely irrelevant to the monetary transmission. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 2012～2016年度科学研究費補助金[基盤研究(S)]「長期デフレの解明」(研究代表者 東京大学経済学研究科・渡辺努, 課題番号：24223003) | |||||
| 書誌情報 |
JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series 巻 052, 発行日 2014-11 |
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| 出版者 | ||||||
| 出版者 | UTokyo Price Project | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.price.e.u-tokyo.ac.jp/researchdata/ | |||||
