Real Wage Rigidities and the Cost of Disinflations
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 adjus...
|Place of publication:||
Malden, USA Wiley Subscription Services 01.03.2009
Blackwell Publishing Inc
WILEY-BLACKWELL PUBLISHING, INC
Wiley Periodicals, Inc
|published in:||Journal of money, credit and banking Vol. 41; no. 2/3; pp. 417 - 435|
|Data of publication:||20090301|
We would like to thank Jean‐Pascal Bénassy, Jordi Galí, Paul J. Kramer, Tiziano Ropele, Leo von Thadden, Roland Winkler, the participants of the IfW Symposium on “The Phillips Curve and the Natural Rate of Unemployment,” the Bundesbank‐IWH workshop on “Monetary and Financial Economics,” the Annual Meeting of the German Economic Association, and the European Meeting of the Econometric Society, and two anonymous referees for very helpful comments.
|Database:||Social Sciences Citation Index
Web of Science - Social Sciences Citation Index - 2009
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