Price/Wage Staggering and Persistence: A Unifying Framework

Guido Ascari Y

62 citations0/0 files storedJournal of Economic Surveys

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

Abstract. In this paper, we provide a general unified framework to clarify the issue of persistence of real effects of money shocks in staggered wage/price models. We mainly aim to: (i) highlight which features of the underlying economy, and particularly of the labour market, are crucial for generating output persistence; (ii) analyse the differences between price and wage staggering.

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References

1983Staggered prices in a utility-maximizing framework 1996Staggered Prices in a Utility-Maximizing Framework 1980Aggregate Dynamics and Staggered Contracts 1997An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy 1977Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule 1987Monopolistic Competition and the Effects of Aggregate Demand 1990Lectures on macroeconomics 1990Lectures on Macroeconomics.

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