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Informationally Sticky Nominal Wages

Author

Listed:
  • Jennifer La'O

    (Columbia University)

  • Luigi Iovino

    (Bocconi University)

Abstract

We study a class of economies in which incomplete information is the source of nominal price, nominal wage, and real frictions. Firms make nominal price-setting and real production decisions under imperfect information about the state of the economy. Workers also make nominal wage-setting decisions under imperfect information. We characterize both optimal fiscal and monetary policy within this class.

Suggested Citation

  • Jennifer La'O & Luigi Iovino, 2017. "Informationally Sticky Nominal Wages," 2017 Meeting Papers 1517, Society for Economic Dynamics.
    • Handle: RePEc:red:sed017:1517
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    Cited by:

    1. Yang, Zhifang & Zhong, Haiwang & Lin, Wei & Lin, Jeremy & Chen, Yonghong & Xia, Qing & Liu, Wentao & Zhang, Xuan, 2019. "Mapping between transmission constraint penalty factor and OPF solution in electricity markets: analysis and fast calculation," Energy, Elsevier, vol. 168(C), pages 1181-1191.

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