English, Article edition: Nominal Wage Contracts, Labor Adjustment Costs and the Business Cycle Zuzana Janko

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Nominal Wage Contracts, Labor Adjustment Costs and the Business Cycle
Author
  • Zuzana Janko
Physical Description
  • article
Notes
  • Previous work of monetary dynamic stochastic general equilibrium models with nominal rigidity a la Taylor, particularly the Cho-Cooley model, was abandoned in favor of the New-Keynesian analysis due to the model's failure to deliver business cycle statistics that match the U.S. economy along some key dimensions. In this paper, we take a step in revitalizing the Cho-Cooley avenue of research. We add empirically plausible labor adjustment costs (LAC) into a model with nominal wage rigidity and find that with LAC our model is able to overcome some of the shortcomings otherwise present in the Cho-Cooley framework, specifically high standard deviations of real variables and a countercyclical productivity. (Copyright: Elsevier)
  • Taylor nominal wage contracts; Labor adjustment costs; Business cycles
  • RePEc:red:issued:06-23
Language
  • English
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