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作者：Braggion, Fabio; Christiano, Lawrence J.; Roldos, Jorge
作者单位：Northwestern University; Tilburg University; National Bureau of Economic Research; International Monetary Fund
摘要：In the wake of the 1997-98 financial crises, interest rates in Asia were raised immediately, and then reduced sharply. We describe an environment in which this is the optimal monetary policy. The optimality of the immediate rise in the interest rate is an example of the theory of the second best: although high interest rates introduce an inefficiency wedge into the labor market, they are nevertheless welfare improving because they mitigate distortions due to binding collateral constraints. Ove...
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作者：Holden, Steinar; Wulfsberg, Fredrik
作者单位：Norges Bank; University of Oslo
摘要：We explore the existence of downward real wage rigidity (DRWR) at the industry level, based on data from 19 OECD countries for the period 1973-1999. The results show that DRWR compresses the distributions of industry wage changes overall, as well as for specific geographical regions and time periods, but there are not many real wage Cuts that are prevented. More important, however, DRWR attenuates larger real wage cuts, thus leading to higher real wages. There is stronger evidence for downward...
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作者：Wang, Neng
作者单位：Columbia University; Columbia University; National Bureau of Economic Research
摘要：Recent empirical evidence supports the view that the income process has an individual-specific growth rate component [Baker, M., 1997. Growth-rate heterogeneity and the covariance structure of life-cycle earnings. Journal of Labor Economics 15, 338-375; Guvenen, F., 2007b. Learning your earning: Are labor income shocks really very persistent? American Economic Review 97, 687-712; Huggett, M., Ventura, G., Yaron, A., 2007. Sources of life-cycle inequality. Working paper, University of Pennsylva...
