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Nominal Wage Rigidity in an Optimizing Model of an Open Economy

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Author Info
Steve Ambler () (CREFE/UQAM and European University Institute)
Emmanuel Hakizimana () (Center for Research on Economic Fluctuations and Employment, UQAM)

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Abstract

We build a dynamic general equilibrium model of a semi-small open economy in which staggered wage contracts are the only source of nominal rigidity. The model is capable of generating highly variable real and nominal exchange rates while predicting relative variabilities of prices and consumption that are broadly compatible with the data. The model also generates a high degree of persistence of nominal and real exchange rates.

Nous élaborons un modèle dynamique d'équilibre général d'une petite économie ouverte où les contrats de salaire sont la seule source de rigidités nominales. Le modèle est capable d'engendrer des taux de change nominal et réel très variable tout en engendrant des variabilités des prix et de la consommation qui sont comparables aux données. Le modèle génère également un degré élevé de persistance des taux de change nominal et réel.

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Publisher Info
Paper provided by CREFE, Université du Québec à Montréal in its series Cahiers de recherche CREFE / CREFE Working Papers with number 94.

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Length: 33 pages
Date of creation: Oct 1999
Date of revision:
Handle: RePEc:cre:crefwp:94

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Related research
Keywords: nominal and real exchange rate persistence; wage rigidities;

Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
F31 - International Economics - - International Finance - - - Foreign Exchange
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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