Calvo pricing implies output gains, while Rotemberg pricing implies output losses after a disinflation. Introducing real wage rigidities has opposite effects: it generates a long-lasting boom in output in Calvo, and a moderate output slump in Rotemberg.
Real Wage Rigidities and Disinflation Dynamics: Calvo vs Rotemberg Pricing
ASCARI, GUIDO;ROSSI, LORENZA
2011-01-01
Abstract
Calvo pricing implies output gains, while Rotemberg pricing implies output losses after a disinflation. Introducing real wage rigidities has opposite effects: it generates a long-lasting boom in output in Calvo, and a moderate output slump in Rotemberg.File in questo prodotto:
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