Real Wage and Nominal Shock: Evidence from Pacific-Rim Countries
AbstractThis paper examines aggregate real-wage responses to nominal shocks in four Pacific-rim countries utilizing a vector autoregression (VAR) framework. In this study, positive real-wage responses are found in Japan and New Zealand whereas negative responses are found in Australia and Korea. In the transmission of nominal shocks to real economic activities, the findings show a sticky-price model to be more important in Japan and New Zealand, while a sticky-wage model plays the more dominant role in Australia and Korea. Copyright International Atlantic Economic Society 2005
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Bibliographic InfoArticle provided by Springer in its journal International Advances in Economic Research.
Volume (Year): 11 (2005)
Issue (Month): 3 (August)
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Find related papers by JEL classification:
- E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
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