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Is there a persistence problem? Part 2: Maybe not

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  • 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/assets/documents/research/efr/2000/efr0004b.pdf
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Bibliographic Info

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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Web page: http://www.dallasfed.org/
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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.
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Cited by:
  1. Gerke, Rafael & Rubart, Jens, 2005. "The Role of Money Demand in a Business Cycle Model with Staggered Wage Contracts," Darmstadt Discussion Papers in Economics 37210, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL).

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