文档介绍：10 February 2004
ary Policy Lecture 5
Micro-foundations of Nominal Price and Wage Rigidity and the Persistent Effects of ary Policy
Nils Gottfries
Uppsala University
The Need for Real Rigidity
Price Rigidity, Wage Rigidity and Evidence on the Real wage
Evidence on the Mark-up
Theories of Counter-Cyclical Mark-ups
Theories of Real and Nominal Wage Rigidity
Other Sources of Persistence
Downward Nominal Wage Rigidity
By now, it should be clear that the conclusions you get about ary policy depend critically on the assumptions you make about price and wage setting. This lecture will be a very broad survey of various aspects of price and wage setting, which may be relevant to ary policy.
It is not necessary to take the Taylor/Calvo type of model as starting point but I do that here because that type of price setting seems to be the mon way of getting nominal rigidity into models for ary policy analysis. The general points will arise whenever you try to put nominal rigidities into an optimizing model.
To be concrete, we will think of an economy with a product market and a labour market rather than yeomen or some abstract “agents”. Although there are parallels between goods and labour markets, they also differ in important respects, so one should think of them separately. It makes sense pare the models with reality on both the macroeconomic and the microeconomic level, in formal and informal ways! The abstract “agents” invented by Lucas make it very hard to relate the model to reality and most of us are not yeomen.
In a realistic economy, we also have other factor markets for raw materials, energy etc. In fact, these markets deserve separate treatment because they are closer to textbook auction markets than markets for processed products and labour markets; in many of them, you can actually see the auctioneer! We will not have time for this, however. The book by Arthur Okun (1981) has a very nice discussion of the distinction between customer markets and a