Time variation in US wage dynamics
成果类型：
Article
署名作者：
Hofmann, Boris; Peersman, Gert; Straub, Roland
署名单位：
Bank for International Settlements (BIS); Ghent University; European Central Bank
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.10.009
发表日期：
2012
页码：
769-783
关键词：
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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