Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/23293 
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dc.contributor.authorGail, Michaelen
dc.date.accessioned2009-01-29T15:58:19Z-
dc.date.available2009-01-29T15:58:19Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/23293-
dc.description.abstractIn this paper a stochastic dynamic general equilibrium (DGE) model with capital accumulation is augmented by sticky wages. Wages are set in a staggered way as in Taylor (1980) implying that the optimal wage will be set for two periods. Prices are also sticky since there are adjustments cost of prices as in Rotemberg (1982). It is confirmed that wage staggering has a higher potential to generate persistent output responses to a money growth shock. Interestingly, adjustment costs of capital contribute strongly to output persistence. If it is not costly to adjust capital there is no output persistence at all. Price adjustment costs can strengthen the effects of money growth shocks on output in the presence of costly capital adjustment.en
dc.language.isoengen
dc.publisher|aUniversität Siegen, Fakultät III, Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht |cSiegenen
dc.relation.ispartofseries|aVolkswirtschaftliche Diskussionsbeiträge |x114-04en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordMonetary Policyen
dc.subject.keywordNew Neoclassical Synthesisen
dc.subject.keywordSticky Wagesen
dc.subject.keywordSticky Pricesen
dc.subject.keywordPersistenceen
dc.subject.keywordReal Business Cycleen
dc.subject.stwGeldpolitiken
dc.subject.stwReal Business Cycleen
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwNeue Neoklassische Syntheseen
dc.subject.stwLohnrigiditäten
dc.subject.stwPreisrigiditäten
dc.subject.stwTheorieen
dc.titleSticky Wages in a Stochastic DGE Model of the Business Cycle-
dc.typeWorking Paperen
dc.identifier.ppn393402053en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:sie:siegen:114-04en

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