The Non-equivalence Revisited: Staggered Price and Wage Contracts

Staggered wage-setting and price-setting have frequently been used to construct business cycle models that can replicate long-lasting real effects of monetary shocks. We examine how the two seemingly equivalent sources of nominal rigidities compare in generating persistence in real output following...

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Veröffentlicht in:	Global economic review 2007-09, Vol.36 (3), p.229-243
Hauptverfasser:	Kim, Jangryoul, Lim, Gieyoung
Format:	Artikel
Sprache:	eng
Schlagworte:	Business cycle transmissions Economic shock Macroeconomics Monetary economics Monetary models nominal rigidities persistence in output staggered price-setting staggered wage-setting Sticky prices Sticky wages Wage determination
Online-Zugang:	Volltext
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