A Generalized New Keynesian Model with Wage Stickiness

IF 1.3 Q3 ECONOMICS

Journal of International Commerce Economics and Policy Pub Date : 2022-05-25 DOI:10.1142/s1793993322500120

Rui Wang

引用次数: 0

Abstract

In this paper, we derive a generalized version of New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model to study how real imperfections of labor market affect the steady state and dynamics of model given different non-zero annual target inflation rates. The main finding is that, given the same target inflation rate, wage stickiness is more distortionary than the price stickiness. The existence of positive target inflation rate can also change the first-order dynamics of model, amplifying or reducing the dynamic response of model according to the type of exogenous shocks. A relatively high target inflation rate, 2% or 3%, may be preferable to a zero target inflation rate.

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考虑工资粘性的广义新凯恩斯模型

本文推导了广义的新凯恩斯动态随机一般均衡(DSGE)模型，研究了在不同的非零年目标通胀率条件下，劳动力市场的真实不完善对模型稳态和动态的影响。主要发现是，在目标通胀率相同的情况下，工资粘性比价格粘性更具扭曲性。正目标通胀率的存在也会改变模型的一阶动力学，根据外源冲击的类型放大或减小模型的动态响应。相对较高的目标通胀率，如2%或3%，可能比零目标通胀率更可取。

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 International Commerce Economics and Policy ECONOMICS-

CiteScore

1.50

自引率

0.00%

发文量

期刊介绍： Journal of International Commerce, Economics and Policy (JICEP) is a peer-reviewed journal that seeks to publish high-quality research papers that explore important dimensions of the global economic system (including trade, finance, investment and labor flows). JICEP is particularly interested in potentially influential research that is analytical or empirical but with heavy emphasis on international dimensions of economics, business and related public policy. Papers must aim to be thought-provoking and combine rigor with readability so as to be of interest to both researchers as well as policymakers. JICEP is not region-specific and especially welcomes research exploring the growing economic interdependence between countries and regions.