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作者:Ashraf, Nava; Glaeser, Edward L.; Ponzetto, Giacomo A. M.
作者单位:Harvard University; National Bureau of Economic Research; Harvard University; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics
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作者:Guriev, Sergei; Melnikov, Nikita
作者单位:Institut d'Etudes Politiques Paris (Sciences Po); Centre for Economic Policy Research - UK; HSE University (National Research University Higher School of Economics); New Economic School
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作者:He, Zhiguo; Krishnamurthy, Arvind; Milbradt, Konstantin
作者单位:University of Chicago; National Bureau of Economic Research; Stanford University; Northwestern University
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作者:Nollenberger, Natalia; Rodriguez-Planas, Nuria; Sevilla, Almudena
作者单位:IE University; City University of New York (CUNY) System; University of London
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作者:Snower, Dennis J.; Bosworth, Steven J.
作者单位:Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW)
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作者:Gali, Jordi; Monacelli, Tommaso
作者单位:Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Bocconi University; Bocconi University
摘要:We study the gains from increased wage flexibility using a small open economy model with staggered price and wage setting. Two results stand out: (i) the effectiveness of labor cost reductions as a means to stimulate employment is much smaller in a currency union, and (ii) an increase in wage flexibility often reduces welfare, more likely so in an economy that is part of a currency union or with an exchange-rate-focused monetary policy. Our findings call into question the common view that wage...
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作者:Anthoff, David; Estrada, Francisco; Tol, Richard S. J.
作者单位:University of California System; University of California Berkeley; Universidad Nacional Autonoma de Mexico; Vrije Universiteit Amsterdam; University of Sussex; Vrije Universiteit Amsterdam; Tinbergen Institute; Leibniz Association; Ifo Institut
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作者:Chamberlain, Gary
作者单位:Harvard University
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作者:Dent, Robert C.; Karahan, Fatih; Pugsley, Benjamin; Sahin, Aysegul
作者单位:Federal Reserve System - USA; Federal Reserve Bank - New York
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作者:Rajan, Raghuram; Ramcharan, Rodney
作者单位:Reserve Bank of India; University of Chicago; University of Southern California