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dc.contributor.authorAscari, Guidoen_US
dc.contributor.authorMerkl, Christianen_US
dc.date.accessioned2009-12-11T15:07:22Z-
dc.date.available2009-12-11T15:07:22Z-
dc.date.issued2009en_US
dc.identifier.citation41 2 417-435 Journal of money, credit and banking : JMCB 0022-2879en_US
dc.identifier.pidoi:10.1111/j.1538-4616.2009.00211.xen_US
dc.identifier.urihttp://hdl.handle.net/10419/28672-
dc.description.abstractThis 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.isoengen_US
dc.subject.jelE31en_US
dc.subject.jelE50en_US
dc.subject.ddc330en_US
dc.subject.keyworddisinflationen_US
dc.subject.keywordsticky pricesen_US
dc.subject.keywordreal wage rigiditiesen_US
dc.subject.keywordnonlinearitiesen_US
dc.subject.stwReallohnen_US
dc.subject.stwLohnrigiditäten_US
dc.subject.stwArbeitslosigkeiten_US
dc.subject.stwGeldpolitisches Zielen_US
dc.subject.stwUngleichgewichtstheorieen_US
dc.subject.stwNew-Keynesian Phillips Curveen_US
dc.subject.stwTheorieen_US
dc.titleReal wage rigidities and the cost of disinflationsen_US
dc.typeArticleen_US
dc.identifier.ppn599214546en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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