Re-examining the role of sticky wages in the U.S. Great Contraction: A multi-sector approach

Autor:	Amaral, Pedro S., MacGee, James C.
Jazyk:	angličtina
Rok vydání:	2012
Předmět:	Reallohn Konjunktur Geldangebot Great Depression Lohnrigidität Sectoral Models E50 Schock ddc:330 Sticky Wages Mehr-Sektoren-Modell E30 E20 USA
Popis:	We quantify the role of contractionary monetary shocks and wage rigidities in the U.S. Great Contraction. While the average economy-wide real wage varied little over 1929-33, real wages rose significantly in some industries. We calibrate a two-sector model with intermediates to the 1929 U.S. economy where wages in one sector adjust slowly. We find that nominal wage rigidities can account for less than a fifth of the fall in GDP over 1929-33. Intermediate linkages play a key role, as the output decline in our benchmark is roughly half as large as in our two-sector model without intermediates.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=od______1687::fd326d3c1723d472b89fa1c2d43acbc8 https://hdl.handle.net/10419/70276 Zobrazit plný text záznamu