STABILIZATION POLICY AND PUBLIC-SECTOR PRICES
成果类型：
Article
署名作者：
BUFFIE, EF
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/0304-3932(92)90015-T
发表日期：
1992
页码：
253-276
关键词：
摘要：
This paper analyzes the impact of public sector price increases combined with employment cuts in a dynamic optimizing model. If the government adopts a tough layoff policy, the real wage is highly flexible and the reforms are perceived to be permanent, there is a strong presumption that real output will be higher and inflation lower over all time horizons. Problems may arise during the adjustment process, however, when the reforms are not credible or the real wage adjusts slowly to clear the labor market.
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