Wage Rigidity: A Quantitative Solution to Several Asset Pricing Puzzles

In standard production models, wage volatility is far too high, and equity volatility is far too low. A simple modification-sticky wages because of infrequent resetting together with a constant elasticity of substitution (CES) production function leads to both smoother wages and higher equity volati...

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Veröffentlicht in:	The Review of financial studies 2016-01, Vol.29 (1), p.148-192
Hauptverfasser:	Favilukis, Jack, Lin, Xiaoji
Format:	Artikel
Sprache:	eng
Schlagworte:	Calibration Capital costs CAPM Dividends Equity Financial leverage Interest rates Labor markets Labor productivity Macroeconomic modeling Operating leverage Price rigidities Productivity Risk premiums Studies Volatility Wages & salaries
Online-Zugang:	Volltext
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