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Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/28672
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| DC Field | | Value | | Language |
| dc.contributor.author | | Ascari, Guido | | en_US |
| dc.contributor.author | | Merkl, Christian | | en_US |
| dc.date.accessioned | | 2009-12-11T15:07:22Z | | - |
| dc.date.available | | 2009-12-11T15:07:22Z | | - |
| dc.date.issued | | 2009 | | en_US |
| dc.identifier.citation | | 41 2 417-435 Journal of money, credit and banking : JMCB 0022-2879 | | en_US |
| dc.identifier.pi | | doi:10.1111/j.1538-4616.2009.00211.x | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/28672 | | - |
| dc.description.abstract | | This paper analyzes the cost of disinflations under real wage rigidities in a micro-founded New Keynesian model. The conventional view is that real wage rigidities can be a useful mechanism to generate a slump in output after a credible disinflationary policy because they prevent the immediate adjustment of inflation. This view is flawed, since it depends on analyzing the model in a linearized framework. Once nonlinearities are taken into account, the results change both qualitatively and quantitatively. Disinflations actually lead to a permanently higher level of output, and real wage rigidities increase the output during the adjustment to the new steady state. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.subject.jel | | E31 | | en_US |
| dc.subject.jel | | E50 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | disinflation | | en_US |
| dc.subject.keyword | | sticky prices | | en_US |
| dc.subject.keyword | | real wage rigidities | | en_US |
| dc.subject.keyword | | nonlinearities | | en_US |
| dc.subject.stw | | Reallohn | | en_US |
| dc.subject.stw | | Lohnrigidität | | en_US |
| dc.subject.stw | | Arbeitslosigkeit | | en_US |
| dc.subject.stw | | Geldpolitisches Ziel | | en_US |
| dc.subject.stw | | Ungleichgewichtstheorie | | en_US |
| dc.subject.stw | | New-Keynesian Phillips Curve | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Real wage rigidities and the cost of disinflations | | en_US |
| dc.type | | Article | | en_US |
| dc.identifier.ppn | | 599214546 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | Economists Online
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