Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/23293
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dc.contributor.authorGail, Michaelen_US
dc.date.accessioned2009-01-29T15:58:19Z-
dc.date.available2009-01-29T15:58:19Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/23293-
dc.description.abstractIn this paper a stochastic dynamic general equilibrium (DGE) modelwith capital accumulation is augmented by sticky wages. Wages areset in a staggered way as in Taylor (1980) implying that the optimalwage will be set for two periods. Prices are also sticky since there areadjustments cost of prices as in Rotemberg (1982). It is confirmed thatwage staggering has a higher potential to generate persistent outputresponses to a money growth shock. Interestingly, adjustment costs ofcapital contribute strongly to output persistence. If it is not costly toadjust capital there is no output persistence at all. Price adjustmentcosts can strengthen the effects of money growth shocks on output inthe presence of costly capital adjustment.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseries|aVolkswirtschaftliche Diskussionsbeiträge / Universität-Gesamthochschule-Siegen, Fachbereich Wirtschaftswissenschaften |x114en_US
dc.subject.jelE52en_US
dc.subject.ddc330en_US
dc.subject.keywordMonetary Policyen_US
dc.subject.keywordNew Neoclassical Synthesisen_US
dc.subject.keywordSticky Wagesen_US
dc.subject.keywordSticky Pricesen_US
dc.subject.keywordPersistenceen_US
dc.subject.keywordReal Business Cycleen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwReal Business Cycleen_US
dc.subject.stwDynamisches Gleichgewichten_US
dc.subject.stwNeue Neoklassische Syntheseen_US
dc.subject.stwLohnrigiditäten_US
dc.subject.stwPreisrigiditäten_US
dc.subject.stwTheorieen_US
dc.titleSticky Wages in a Stochastic DGE Model of the Business Cycleen_US
dc.typeWorking Paperen_US
dc.identifier.ppn393402053en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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