作者：Fongoni, Marco
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：This paper develops a search and matching framework in which workers are characterized by asymmetric reference-dependent rec-iprocity and firms set wages by considering the effect that these can have on workers' effort and, therefore, on output. The cyclical response of effort to wage changes can considerably amplify shocks, independently of the cyclicality of the hiring wage, which becomes irrelevant for unemployment volatility, and firms' expectations of downward wage rigidity in existing jo...
作者：Cuba-Borda, Pablo; Singh, Sanjay R.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of California System; University of California Davis
摘要：We develop a theoretical framework that rationalizes two hypoth-eses of long-lasting low-interest rate episodes: deflationary-expectations-traps and secular stagnation in a unified setting. These hypotheses differ in the sign of the theoretical correlation between inflation and output growth that they imply. Using the data from Japan over 1998:I-2019:IV, we find that the data favor the expectations-trap hypothesis. The superior model fit of the expec-tations trap relies on its ability to gener...
