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Rent-Sharing, Holdup, and Wages : Evidence from Matched Panel Data
Card, David - 2010
When wage contracts are relatively short-lived, rent sharing may reduce the incentives for investment since some of the returns to sunk capital are captured by workers. In this paper we use a matched worker-firm data set from the Veneto region of Italy that combines Social Security earnings...
Persistent link: https://www.econbiz.de/10013140998
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Inflation, Output, and Markup Dynamics with Forward-Looking Wage and Price Setters
Phaneuf, Louis - 2015
) a persistent and hump-shaped response of inflation to a monetary policy shock, (ii) a large and persistent response of … shock, (v) non-inertial responses of inflation to non-monetary shocks, and (vi) a negative unconditional autocorrelation of … the first difference of inflation that is consistent with the data. A medium-scale model relying on backward indexation of …
Persistent link: https://www.econbiz.de/10013014650
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Inflation Dynamics : Dead, Dormant, or Determined Abroad?
Forbes, Kristin J. - 2019
Inflation dynamics have been difficult to explain over the last decade. This paper explores if a more comprehensive … treatment of globalization can help. CPI inflation has become more synchronized around the world since the 2008 crisis, but core … and wage inflation have become less synchronized. Global factors (including commodity prices, world slack, exchange rates …
Persistent link: https://www.econbiz.de/10012858797
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Optimal Wage Re-Negotiation
Aizenman, Joshua - 2021
This paper investigates an economy in which there are short-term wage contracts that are re-negotiated under certain conditions. This paper determines the optimal frequency of wage re-negotiation and shows that it depends positively on measures of aggregate variability and Phillips curve slope....
Persistent link: https://www.econbiz.de/10013221119
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The Great Disconnect : The Decoupling of Wage and Price Inflation in Japan
Hoshi, Takeo; Kashyap, Anil K. - 2022
has evolved to study inflation in Japan. Our key finding is that labor market dynamics shifted after 1998 so that … relationship between wages and prices, so wage inflation has become a much less important determinant of price inflation …
Persistent link: https://www.econbiz.de/10013298204
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The Contribution of the Minimum Wage to U.S. Wage Inequality Over Three Decades : A Reassessment
Autor, David H. - 2011
We reassess the effect of state and federal minimum wages on U.S. earnings inequality using two additional decades of data and far greater variation in minimum wages than was available to earlier studies. We argue that prior literature suffers from two sources of bias and propose an IV strategy...
Persistent link: https://www.econbiz.de/10013132486
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Germany's Economic Unification : An Assessment after Ten Years
Sinn, Hans-Werner - 2011
A political miracle occurred when Germany was reunited, and at first glance an economic miracle has followed. Real incomes in the east have now reached the western level, and investment per capita has been much higher than in the west. However, every third deutschmark spent in the east has been...
Persistent link: https://www.econbiz.de/10013132721
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The Unexpected Long-Run Impact of the Minimum Wage : An Educational Cascade
Sutch, Richard C. - 2010
Neglected, but significant, the long-run consequence of the minimum wage - which was made national policy in the United States in 1938 - is its stimulation of capital deepening. This took two forms. First, the engineered shortage of low-skill, low-paying jobs induced teenagers to invest in...
Persistent link: https://www.econbiz.de/10013138315
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Do Low-Income Countries Have a High-Wage Option?
Rodrik, Dani - 2010
Poor countries must specialize in standardized. labor-intensive commodities. Middle income countries may have a richer menu of options available to them if their labor force is reasonably well-educated and skilled. This paper is motivated by the possibility that there may exist multiple...
Persistent link: https://www.econbiz.de/10013138621
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New Directions for Stochastic Open Economy Models
Obstfeld, Maurice; Rogoff, Kenneth - 2021
The paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows one to analyze the effects of the monetary regime on welfare, expected output, and the expected terms of trade....
Persistent link: https://www.econbiz.de/10013221940