Wage rigidities and jobless recoveries
成果类型：
Article
署名作者：
Shimer, Robert
署名单位：
University of Chicago
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.10.024
发表日期：
2012
页码：
S65-S77
关键词：
摘要：
Real wage rigidities cause jobless recoveries. Suppose that a one-time shock reduces the capital stock below trend. If wages are flexible, they decline and employment increases at the moment of the shock, before both revert back to normal levels as the economy grows back to trend. If wages are completely rigid and the labor market is otherwise frictionless, the shock causes a proportional and permanent decline in employment, capital, output, consumption, and investment relative to trend. In a search model with rigid wages, the shock causes a persistent but not permanent decline in these economic outcomes, a jobless recovery. (C) 2012 Elsevier B.V. All rights reserved.
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