Time variation in US wage dynamics

被引：36
|
作者：
Hofmann, Boris [1 ]
Peersman, Gert [2 ]
Straub, Roland [3 ]
机构：
[1] Bank Int Settlements, Basel, Switzerland
[2] Univ Ghent, Dept Financial Econ, B-9000 Ghent, Belgium
[3] European Cent Bank, Frankfurt, Germany
来源：
JOURNAL OF MONETARY ECONOMICS | 2012年 / 59卷 / 08期
关键词：
STRUCTURAL VECTOR AUTOREGRESSIONS; TECHNOLOGY SHOCKS; MONETARY-POLICY; INFLATION; OUTPUT;
D O I：
10.1016/j.jmoneco.2012.10.009
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Supply and demand shocks had much stronger long-run effects on nominal wages and prices during the "Great Inflation". For supply shocks, there is even a sign switch in the nominal wage response. Before and after the "Great Inflation", nominal wages moved in the same direction as real wages and in the opposite direction of the price level, whereas nominal wages and prices moved in the same direction at longer horizons after the shock in the 1970s. Estimation of a DSGE model shows that these results reflect changes in the degree of wage indexation over time, which was considerably higher during the "Great Inflation". (C) 2012 Elsevier B.V. All rights reserved.
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页码：769 / 783
页数：15
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