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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/3956| Title: | Real wage rigidities and the cost of disinflations: A comment on Blanchard and Galí |
| Keywords: | E52 E31 ddc:330 Disinflation Sticky Prices Real Rigidities Reallohn Lohnrigidität Arbeitslosigkeit Geldpolitisches Ziel Ungleichgewichtstheorie New-Keynesian Phillips Curve |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Kiel Institute for the World Economy (IfW) Kiel |
| Description: | This paper analyzes the cost of disinflation under real wage rigidities in a micro-founded New Keynesian model. Unlike Blanchard and Galí (2007) who carried out a similar analysis in a linearized framework, we take non- linearities into account. We show that the results change dramatically, both qualitatively and quantitatively, for the steady states and for the dynamic adjustment paths. In particular, a disinflation implies a prolonged slump without any need for real wage rigidities. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/3956 |
| Other Identifiers: | Kiel working paper Institut für Weltwirtschaft, Kiel 1312 http://hdl.handle.net/10419/3956 ppn:523976569 |
| Appears in Collections: | EconStor |
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