المستودع الأكاديمي جامعة المدينة

Monetary persistence, imperfect competition, and staggering complementarities

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dc.creator Merkl, Christian
dc.creator Snower, Dennis J.
dc.date 2007
dc.date.accessioned 2013-10-16T06:09:47Z
dc.date.available 2013-10-16T06:09:47Z
dc.date.issued 2013-10-16
dc.identifier IZA discussion papers Forschungsinstitut zur Zukunft der Arbeit, Bonn 3033
dc.identifier http://hdl.handle.net/10419/4082
dc.identifier ppn:547657633
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/4082
dc.description This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are complementary in generating monetary persistence. We do so by proposing the new measure of quantitative inertia, after discussing weaknesses of the contract multiplier, a standard measure of monetary persistence. The existence of complementarities means that beyond understanding how wage and price staggering work in isolation, it is important to investigate their interactions. Furthermore, our analysis indicates that the degree of monetary persistence generated by wage vis-à-vis price staggering depends on the relative competitiveness of the labor and product markets. We show that the conventional finding that wage staggering generates more persistence than price staggering holds under homogenous capital accumulation. Under firm-specific capital, wage staggering generates more persistence only when the labor market is sufficiently competitive relative to the product market. -- Monetary persistence ; price staggering ; wage staggering ; firm-specific capital
dc.language eng
dc.publisher Forschungsinstitut zur Zukunft der Arbeit, Bonn
dc.relation Discussion paper series / Forschungsinstitut zur Zukunft der Arbeit 3033
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject ddc:330
dc.subject Geldpolitik
dc.subject Schock
dc.subject Hysteresis
dc.subject Ungleichgewichtstheorie
dc.subject Arbeitsmobilität
dc.subject Kosten
dc.subject Theorie
dc.title Monetary persistence, imperfect competition, and staggering complementarities
dc.type doc-type:workingPaper


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