Olivei, Giovanni P.; Tenreyro, Silvana - 2010
framework to study the importance of wage rigidity in the transmission of monetary policy. The Japanese Shunto presents the best … following year; wage rigidity, thus, is relatively higher immediately after the Shunto. Similarly, in the United States, a large … monetary policy under different degrees of effective wage rigidity. Our findings lend support to the long-held, though scarcely …