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To explain the rise in the college wage premium in developed economies in the past decades, the present paper examines the effects of technological progress on workers‘ effort incentives, which determine the effective labor supply. Five effort incentive effects of technological progress are...
Persistent link: https://www.econbiz.de/10005766190
In this paper we develop a multi-sector model of firms’ pricing behaviour under imperfect competition. We allow for the fact that some goods sold will be for final consumption, while others will be used as intermediate goods in further production. We assume that price setters are constrained...
Persistent link: https://www.econbiz.de/10005094233
A persistent criticism of general equilibrium models of monetary policy which incorporate nominal inertia in the form of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In this paper we derive a general equilibrium model based on...
Persistent link: https://www.econbiz.de/10005051512
In this paper we develop an open economy model of firms' pricing behaviour under imperfect competition. This allows us to introduce various terms of trade effects influencing the firm's pricing decision, in addition to labour costs which dominate most closed-economy specifications of the New...
Persistent link: https://www.econbiz.de/10005416478