NOTES FOR A NEW GUIDE TO KEYNES (I): WAGES, AGGREGATE DEMAND, AND EMPLOYMENT

• 成果类型: Article
• 署名作者: Gali, Jordi
• 署名单位: Pompeu Fabra University; Barcelona School of Economics
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1111/jeea.12032
• 发表日期: 2013
• 页码: 973-1003
• 关键词: technology shocks; monetary-policy; business-cycle; real; fluctuations

摘要

Abstract I revisit the General Theory's discussion of the role of wages in employment determination through the lens of the New Keynesian model. The analysis points to the key role played by the monetary policy rule in shaping the link between wages and employment, and in determining the welfare impact of enhanced wage flexibility. I show that the latter is not always welfare improving.