English, Article, Journal or magazine article edition: Factor intensity and price rigidity: evidence and theory Ekaterina V. Peneva

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Bookmark: http://trove.nla.gov.au/version/161652
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Factor intensity and price rigidity: evidence and theory
Author
  • Ekaterina V. Peneva
Physical Description
  • preprint
Notes
  • This paper establishes a new empirical finding: the degree of labor intensity and the degree of price flexibility are negatively correlated across industrial sectors. I model this in an economy with staggered nominal wage contracts and production sectors that differ in labor and capital intensities. Nominal disturbances affect capital-intensive and labor-intensive sectors asymmetrically: prices of labor-intensive goods change less than do prices of capital-intensive goods. In addition, when prices are costly to adjust, more firms in the capital-intensive sectors optimally choose to update their prices than firms in the labor-intensive sectors. Thus, varying factor intensity generates different degrees of price stickiness across sectors that face the same degree of wage rigidity.
  • Prices ; Wages
  • RePEc:fip:fedgfe:2009-07
Language
  • English
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