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Is there a persistence problem? Part 2: Maybe not

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Author Info
Evan F. Koenig
Abstract

In Part 1 of this two-part series, Evan Koenig explains why some economists are skeptical that staggered price adjustment can account for monetary policy's sustained effects on aggregate economic activity. In Part 2, Koenig looks at labor-market imperfections as a possible source of persistence. He concludes that persistence is much easier to obtain if either labor cannot move freely from firm to firm or wages are set in overlapping wage contracts.

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File URL: http://www.dallasfed.org/research/efr/2000/efr0004b.pdf
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Article provided by Federal Reserve Bank of Dallas in its journal Economic and Financial Policy Review.

Volume (Year): (2000)
Issue (Month): Q IV ()
Pages: 11-19
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Handle: RePEc:fip:fedder:y:2000:i:qiv:p:11-19

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Keywords: Monetary policy ; Employment (Economic theory);

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  1. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-66, September. [Downloadable!] (restricted)
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