Wage and Price Rigidity in a Monetary Union

被引：0

作者：

Bernardino Adao

Isabel Correia

Pedro Teles

机构：

[1] Banco de Portugal,

[2] Universidade Católica Portuguesa,undefined

[3] CEPR,undefined

来源：

Open Economies Review | 2010年 / 21卷

关键词：

Monetary union; Fixed exchange rates; Fiscal and monetary policy; Stabilization policy; Sticky prices; Sticky wages; E31; E50; E63; F20; F31; F33; F41; F42;

D O I：

暂无

中图分类号：

学科分类号：

摘要：

We extend irrelevance results of sticky prices and fixed exchange rates to environments with sticky wages. Provided payroll taxes can be used with the same flexibility as monetary policy, then sticky wages are irrelevant for both optimal allocations and policies in response to shocks. This is the case also under fixed exchange rates or in a monetary union.

引用

页码：109 / 126

页数：17

共 13 条

[1]

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[2]

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[3]

Teles P(2008)Optimal fiscal and monetary policy: equivalence results J Polit Econ 168 141-170

[4]

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[5]

Correia I(2000)Optimal monetary policy with staggered wage and price contracts J Monet Econ 46 281-313

[6]

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[7]

Teles P(undefined)undefined undefined undefined undefined-undefined

[8]

Diamond PA(undefined)undefined undefined undefined undefined-undefined

[9]

Mirrlees JA(undefined)undefined undefined undefined undefined-undefined

[10]

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