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2,005
Real Wage
"... The goal of this section is to point out the observed difficulties with the classical/neoclassical theory of labour markets. According to classical and neoclassical economics, the labour market is a market like any other market. The equilibrium wage is determined by the intersection of the supply an ..."
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The goal of this section is to point out the observed difficulties with the classical/neoclassical theory of labour markets. According to classical and neoclassical economics, the labour market is a market like any other market. The equilibrium wage is determined by the intersection of the supply
Real Wage Rigidities and the Cost of Disinflations
, 2007
"... Real wage rigidities and the cost of disinflations ..."
2007), Real Wage Rigidities and the New Keynesian model
- Journal of Money, Credit, and Banking, supplement to
"... Most central banks perceive a trade-off between stabilizing inflation and stabi-lizing the gap between output and desired output. However, the standard new Keynesian framework implies no such trade-off. In that framework, stabilizing inflation is equivalent to stabilizing the welfare-relevant output ..."
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Cited by 237 (7 self)
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-relevant output gap. In this pa-per, we argue that this property of the new Keynesian framework, which we call the divine coincidence, is due to a special feature of the model: the absence of non trivial real imperfections. We focus on one such real imperfection, namely, real wage rigidities. When the baseline
Real Wage Chronologies1
, 2009
"... at CESifo and Research Fellow at IZA. Helpful comments were received from D. Hamermesh and A. Oswald and from seminar participants at the research depart-ment of the Banque de France. We process information in a large number of Canadian wage contracts, signed over a period of several decades, to gen ..."
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, to generate the long-run history of the real wage for each bargaining pair. We term these hitherto unexamined histories ‘chronologies’. We are able to generate 1574 continuous real wage chronologies and we examine the evolution of the real wage in each case. We explore the influence of productivity growth
Manufacturing Real Wages in Mexico
"... In this paper we analyse the recent evolution and determinants of real wages in Mexico’s manufacturing sector, using theories based on the assumption of imperfect competition both in the product and in the labour markets, especially wage-bargain theory, insider-outsider and mark-up models. We show e ..."
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In this paper we analyse the recent evolution and determinants of real wages in Mexico’s manufacturing sector, using theories based on the assumption of imperfect competition both in the product and in the labour markets, especially wage-bargain theory, insider-outsider and mark-up models. We show
Real Wage Inequality
, 2008
"... Abstract. A large literature has documented a significant increase in the difference between the wage of college graduates and high school graduates over the past 30 years. I show that from 1980 to 2000, college graduates have experienced relatively larger increases in cost of living, because they h ..."
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Cited by 11 (0 self)
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they have increasingly concentrated in metropolitan areas that are characterized by a high cost of housing. When I deflate nominal wages using a location-specific CPI, I find that the difference between the wage of college graduates and high school graduates is lower in real terms than in nominal terms
with Real Wage Rigidities
, 2010
"... In this paper we present a model of flexicurity capitalism that exhibits a second labor market with the government as an employer of first resort, where all workers not employed by firms in the private sector find meaningful employment. We show that the model exhibits a unique interior steady state ..."
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which is asymptotically stable under real wage adjustment dynamics of the type considered in Blanchard and Katz (1999), and under a type of Okun’s Law that links the level of utilization of firms to their hiring and firing decision. The introduction of a company pension fund can be shown to contribute
Real Wage Dynamics and the Phillips Curve
, 1999
"... Since Friedman (1968), the traditional derivation of the accelerationist Phillips curve has related expected real wage inflation to the unemployment rate and then invoked markup pricing and adaptive expectations to generate the accelerationist price inflation equation. Blanchflower and Oswald (1994) ..."
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Since Friedman (1968), the traditional derivation of the accelerationist Phillips curve has related expected real wage inflation to the unemployment rate and then invoked markup pricing and adaptive expectations to generate the accelerationist price inflation equation. Blanchflower and Oswald (1994
Real wage rigidities and the cost of disinations
- IZA dp No. 3049, forthcoming in The Journal of Money, Credit and Banking
, 2007
"... This paper analyzes the cost of disination under real wage rigidities in a micro-founded New Keynesian model. Unlike Blanchard and Galí (2007) who carried out a similar analysis in a linearized framework, we take non-linearities into account. We show that the results change dramatically, both qualit ..."
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Cited by 13 (11 self)
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This paper analyzes the cost of disination under real wage rigidities in a micro-founded New Keynesian model. Unlike Blanchard and Galí (2007) who carried out a similar analysis in a linearized framework, we take non-linearities into account. We show that the results change dramatically, both
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