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Persistence and nominal inertia in a generalized Taylor economy: How longer contracts dominate shorter contracts

Dixon, Huw; Kara, Engin - 2007

We develop the Generalized Taylor Economy (GTE) in which there are many sectors with overlapping contracts of di§erent lengths. In economies with the same average contract length, monetary shocks will be more persistent when longer contracts are present. Using the Bils-Klenow distribution of...

Persistent link: https://www.econbiz.de/10010322772

Real business cycles with a human capital investment sector and endogenous growth: Persistence, volatility and labor puzzles

Dang, Jing; Gillman, Max; Kejak, Michal - 2011

A positive joint two-sector productivity shock causes Rybczynski (1955) and Stolper and Samuelson (1941) effects that release leisure time and initially raises the relative price of human capital investment so as to favor it over goods production. This enables a basic RBC model, modified by...

Persistent link: https://www.econbiz.de/10010288869

Assessing the institutions-innovation channel within the inequality-growth nexus

Sun, Yang; Easaw, Joshy Z.; Logothetis, Vassilis - 2023

The present paper assesses the interactions between innovation and economic institutions within the context of the … innovations on growth and inequality diminish as institutions increase in quality, and the effects of institutions can be … influenced by level of innovations. This indicates that while institutions and innovations can be inequality-inducing, their …

Persistent link: https://www.econbiz.de/10014480456