دانلود مقاله ISI انگلیسی شماره 50840
ترجمه فارسی عنوان مقاله

انعطاف ناپذیری نزولی دستمزدها و عدم تقارن چرخه کسب و کار

عنوان انگلیسی
Downward wage rigidity and business cycle asymmetries
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
50840 2013 16 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Monetary Economics, Volume 60, Issue 7, October 2013, Pages 871–886

ترجمه کلمات کلیدی
بازار کار - بیکاری - انعطاف ناپذیری نزولی دستمزدها - هزینه های تعدیل نامتقارن - دینامیک غیر خطی
کلمات کلیدی انگلیسی
Labor market; Unemployment; Downward wage rigidity; Asymmetric adjustment costs; Non-linear dynamics
پیش نمایش مقاله
پیش نمایش مقاله  انعطاف ناپذیری نزولی دستمزدها و عدم تقارن چرخه کسب و کار

چکیده انگلیسی

The growth rates of wages, unemployment and output of a number of OECD countries have a strongly skewed distribution. In this paper we analyze to what extent downward wage rigidities can explain these empirical business cycle asymmetries. To this aim, we introduce asymmetric wage adjustment costs in a New-Keynesian DSGE model with search and matching frictions in the labor market. Increasing wages is less costly than cutting them. It follows that wages increase relatively fast and thus limit vacancy posting and employment creation, but they decline more slowly, leading to a strong reduction in vacancies and employment. The presence of downward wage rigidities strongly improves the fit of the model to the observed skewness of labor market variables and the relative length of expansions and contractions in the output and the employment cycles. The asymmetry also explains the differing transmission of positive and negative monetary policy shocks from wages to inflation.