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Structural distortions and decentralized fiscal policies in EMU
Beetsma, Roel; Bovenberg, Ary Lans - 2001
The combination of discretionary monetary policy, labor-market distortions and nominal wage rigidity yields an inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions Although an inflation target eliminates this inflation bias, it creates a...
Persistent link: https://www.econbiz.de/10011398780
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Monetary policy and nominal rigidities under low inflation
Holden, Steinar - 2001
In most European countries, money wages are given in collective agreements or individual employment contracts, and the employer cannot unilaterally cut wages, even after the expiration of a collective agreement. Ceteris paribus, workers have a stronger bargaining position when they try to...
Persistent link: https://www.econbiz.de/10011398859
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Nominal wage flexibility, wage indexation and monetary union
Calmfors, Lars; Johansson, Åsa - 2002
Membership in a monetary union implies stronger incentives for nominal wage flexibility in the form of wage indexation and shorter contract length than nonmembership. For example, entry into a monetary union may cause a move from a non-indexation to an indexation equilibrium. But more wage...
Persistent link: https://www.econbiz.de/10011410646
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Endogenous wage indexation and aggregate shocks
Carrillo, Julio A.; Peersman, Gert; Wauters, Joris - 2014
Empirical and institutional evidence finds considerable time variation in the degree of wage indexation to past inflation, a finding that is at odds with the assumption of constant indexation parameters in most New-Keynesian DSGE models. We build a DSGE model with endogenous wage indexation in...
Persistent link: https://www.econbiz.de/10010358269
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Wage policy and endogenous wage rigidity : a representative view from the inside
Agell, Jonas; Bennmarker, Helge - 2002
We report the results from a representative survey of human resource managers in 885 Swedish firms. We estimate that during the severe recession of the 1990s, only 1.1 percent of workers took a cut in regular nominal pay. We trace the lack of wage moderation to a combination of exogenous...
Persistent link: https://www.econbiz.de/10011410449
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Fair pay and a wagebill argument for wage rigidity and excessive employment variability
Thomas, Jonathan P. - 2000
This paper considers a two-period optimal contracting model in which firms make new hires in the second period subject to the constraint that they cannot pay discriminate either against or in favour of the new hires. Under an assumption on the information available to workers, it is shown that...
Persistent link: https://www.econbiz.de/10009781504
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Real wages and hours in the great recession : evidence from firms and their entry-level jobs
Schaefer, Daniel; Singleton, Carl - 2017
Using employer-employee panel data, we provide novel facts on how real wages and working hours within jobs responded to the UK's Great Recession. In contrast to previous studies, our data enables us to address the cyclical composition of jobs. We show that firms were able to respond to the Great...
Persistent link: https://www.econbiz.de/10011761531
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An efficiency-wage model with habit concerns about wages
Goerke, Laszlo - 2020
We analyse the implications of habit formation relating to wages in a multi-period efficiency-wage model. If employees have such preferences, their existence provides firms with incentives to raise wages and reduce employment over time. Greater intensity does not necessarily have the same...
Persistent link: https://www.econbiz.de/10012245105
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Endogenous wage rigidity
Agell, Jonas; Bennmarker, Helge - 2003
We use a random survey of Swedish human resource managers to study the reasons for wage rigidity. Our findings are as follows. First, during the exceptional recession of the 1990s only 1.1 percent of workers received a wage cut. Second, much wage rigidity can be traced to behavioral mechanisms...
Persistent link: https://www.econbiz.de/10011511094
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Regional heterogeneity, the rise of public debt and monetary policy in post-bubbles Japan : lessons for the EMU
Fischer, Raphael; Schnabl, Gunther - 2016
Both Japan and parts of the European Monetary Union have experienced boom and bust in stock and real estate markets … public debt and monetary policy in the context of crisis. It is shown for Japan that the attempts to maintain regional … expansion. Econometric estimations show that in Japan regional redistribution of funds has ensured homogeneous living conditions …
Persistent link: https://www.econbiz.de/10011476067