Autori: Ascari, Guido, Garcia, Juan Angel
Titolo: Relative wage concern and the keynesian contract multiplier
Periodico: European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1999 - Fascicolo: 5 - Pagina iniziale: 1 - Pagina finale: 49

Recent quantitative dynamic generai equilibrium models bave cast serious doubts on thè explanatory power of staggered wage/price setting in accounting for both output and inflation persistence. We enlarge a dynamic generai equilibrium model with staggered wages by incorporating Keynesian relative wage concern on thè part of workers. In contrast to previous models of staggered wages/prices, both output and inflation persistence is a robust finding of thè model. Persistence results hold for ali thè sensible parametrisations.




Testo completo: http://www.iue.it/ECO/WP-Texts/ECO99-5.pdf

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