Deflazione, disinflazione e modelli a salari sovrapposti
AbstractThis work presents a critical survey of the naive log-linear models of overlapping wages. Focusing particularly both on the continuous-time model of Calvo (1983a, 1983b) and the discrete one of Taylor (1979, 1980) it addresses the issue of the effects on output of changes in monetary policy, in the form of deflation and disinflation. Given the confusing array of answers to this issue in the literature, this work tries to clarify how different assumptions about aggregate demand and the structure of contracts lead to different results in the overlapping wages models.
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Bibliographic InfoArticle provided by GDE (Giornale degli Economisti e Annali di Economia), Bocconi University in its journal Giornale degli Economisti e Annali di Economia.
Volume (Year): 56 (1997)
Issue (Month): 3-4 (December)
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Find related papers by JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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