Wage rigidity and destabilizing spirals

IF 1.3 3区经济学 Q3 ECONOMICS

Journal of Macroeconomics Pub Date : 2023-09-01 DOI:10.1016/j.jmacro.2023.103546

Euiyoung Jung

引用次数: 0

Abstract

This paper investigates the impact of real wage rigidity on the (de)stabilizing role of demand feedback. I show that destabilizing supply–demand feedback driven by countercyclical precautionary savings demand against uninsured unemployment risk is fundamentally a matter of rigid real wage adjustments over business cycles. Given the estimated wage rigidity consistent with aggregate labor market dynamics in the United States, the quantitative results suggest that the unemployment risk channel has a minor impact on aggregate volatility.

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工资刚性和不稳定的螺旋式上升

本文研究了实际工资刚性对需求反馈稳定化作用的影响。我表明，由反周期预防性储蓄需求对无保险失业风险驱动的不稳定供需反馈，从根本上说是商业周期中刚性实际工资调整的问题。鉴于估计的工资刚性与美国总劳动力市场动态一致，定量结果表明失业风险渠道对总波动率的影响较小。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Macroeconomics ECONOMICS-

CiteScore

2.50

自引率

7.10%

发文量

审稿时长

76 days

期刊介绍： Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.