损失厌恶情绪能解释通缩之谜吗?

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2021-01-19 DOI:10.4337/roke.2021.01.02

Jenny N. Lye,Ian M. McDonald

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引用次数: 0

摘要

本文认为，将损失厌恶应用于工资决定可以解释通货紧缩之谜:持续的高失业率未能对货币工资的通货膨胀率产生持续的下降影响。这是对其他简单假设工资刚性向下的通货紧缩理论的改进，即滞后理论、润滑理论和效率工资理论。本文给出了支持美国和澳大利亚通缩之谜的损失厌恶解释的估计。此外，我们的估计方法对潜在失业率的估计比自然失业率方法更精确，并显示美国和澳大利亚在2017年底的潜在失业率分别约为4%和3.3%。

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Can loss aversion shed light on the deflation puzzle?

This paper argues that the application of loss aversion to wage determination can explain the deflation puzzle: the failure of persistently high unemployment to exert a persistent downward impact on the rate of inflation in money wages. This is an improvement on other theories of the deflation puzzle which simply assume downward wage rigidity, namely the hysteresis theory, the lubrication theory and the efficiency wage theory. The paper presents estimates that support the loss-aversion explanation of the deflation puzzle for both the US and Australia. Furthermore, our estimation approach gives a more precise estimate of the potential rate of unemployment than does the natural rate approach and reveals potential rates of unemployment for the US and Australia at the end of 2017 of about 4 per cent and 3.3 per cent respectively.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.