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Some evidence on the importance of sticky wages

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Cited by:

  1. Gauti B. Eggertsson & Neil R. Mehrotra, 2014. "A Model of Secular Stagnation," NBER Working Papers 20574, National Bureau of Economic Research, Inc.
  2. Susanto Basu & Brent Bundick, 2017. "Uncertainty Shocks in a Model of Effective Demand," Econometrica, Econometric Society, vol. 85, pages 937-958, May.
  3. Li, Erica X.N. & Palomino, Francisco, 2014. "Nominal rigidities, asset returns, and monetary policy," Journal of Monetary Economics, Elsevier, vol. 66(C), pages 210-225.
  4. Galí, Jordi, 2014. "The Effects of a Money-Financed Fiscal Stimulus," CEPR Discussion Papers 10165, C.E.P.R. Discussion Papers.
  5. Foley-Fisher, Nathan & Ramcharan, Rodney & Yu, Edison, 2016. "The impact of unconventional monetary policy on firm financing constraints: Evidence from the maturity extension program," Journal of Financial Economics, Elsevier, vol. 122(2), pages 409-429.
  6. Francesco Zanetti & Konstantinos Theodoridis, 2018. "State Dependence in Labor Market Fluctuations: Evidence, Theory, and Policy Implications," Economics Series Working Papers 856, University of Oxford, Department of Economics.
  7. Florin O. Bilbiie & Tommaso Monacelli & Roberto Perotti, 2019. "Is Government Spending at the Zero Lower Bound Desirable?," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(3), pages 147-173, July.
  8. Paul Bergin & Giancarlo Corsetti, 2015. "Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantage," Discussion Papers 1516, Centre for Macroeconomics (CFM).
  9. Aedín Doris & Donal O’Neill & Olive Sweetman, 2015. "Wage flexibility and the great recession: the response of the Irish labour market," IZA Journal of European Labor Studies, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 4(1), pages 1-24, December.
  10. Aruoba, S. Borağan & Bocola, Luigi & Schorfheide, Frank, 2017. "Assessing DSGE model nonlinearities," Journal of Economic Dynamics and Control, Elsevier, vol. 83(C), pages 34-54.
  11. Costain, James & Nakov, Anton & Petit, Borja, 2018. "Monetary policy implications of state-dependent prices and wages," CEPR Discussion Papers 13398, C.E.P.R. Discussion Papers.
  12. Yongsung Chang & Sun-Bin Kim & Mark Bils, 2013. "How Sticky Wages in Existing Jobs can affect Hiring," 2013 Meeting Papers 1162, Society for Economic Dynamics.
  13. Dieter von Fintel, 2017. "Institutional wage-setting, labour demand and labour supply: Causal estimates from a South African pseudo-panel," Development Southern Africa, Taylor & Francis Journals, vol. 34(1), pages 1-16, January.
  14. Kim, Jinill & Ruge-Murcia, Francisco J., 2011. "Monetary policy when wages are downwardly rigid: Friedman meets Tobin," Journal of Economic Dynamics and Control, Elsevier, vol. 35(12), pages 2064-2077.
  15. Dupor, Bill & Li, Jingchao & Li, Rong, 2019. "Sticky wages, private consumption, and Fiscal multipliers," Journal of Macroeconomics, Elsevier, vol. 62(C).
  16. Enrico Biffis & Beniamin Goldys & Cecilia Prosdocimi & Margherita Zanella, 2015. "A pricing formula for delayed claims: Appreciating the past to value the future," Papers 1505.04914, arXiv.org, revised Jan 2019.
  17. Fornaro, Luca, 2015. "Financial crises and exchange rate policy," Journal of International Economics, Elsevier, vol. 95(2), pages 202-215.
  18. Rendahl, P., 2012. "Fiscal Policy in an Unemployment Crisis," Cambridge Working Papers in Economics 1211, Faculty of Economics, University of Cambridge.
  19. Basu, S. & House, C.L., 2016. "Allocative and Remitted Wages," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 297-354, Elsevier.
  20. Joachim Hubmer, 2018. "The Job Ladder and its Implications for Earnings Risk," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 29, pages 172-194, July.
  21. Andreas I. Mueller, 2017. "Separations, Sorting, and Cyclical Unemployment," American Economic Review, American Economic Association, vol. 107(7), pages 2081-2107, July.
  22. Sigurdsson, Jósef & Sigurdardottir, Rannveig, 2016. "Time-dependent or state-dependent wage-setting? Evidence from periods of macroeconomic instability," Journal of Monetary Economics, Elsevier, vol. 78(C), pages 50-66.
  23. Pierpaolo Benigno & Luca Antonio Ricci, 2011. "The Inflation-Output Trade-Off with Downward Wage Rigidities," American Economic Review, American Economic Association, vol. 101(4), pages 1436-1466, June.
  24. Givens, Gregory, 2019. "Unemployment, Partial Insurance, and the Multiplier Effects of Government Spending," MPRA Paper 96811, University Library of Munich, Germany.
  25. Jouchi Nakajima & Nao Sudo & Takayuki Tsuruga, 2010. "How well do the sticky price models explain the disaggregated price responses to aggregate technology and monetary policy shocks?," IMES Discussion Paper Series 10-E-22, Institute for Monetary and Economic Studies, Bank of Japan.
  26. Gianluca Benigno & Luca Fornaro, 2018. "Stagnation Traps," Review of Economic Studies, Oxford University Press, vol. 85(3), pages 1425-1470.
  27. Galí, Jordi, 2010. "Monetary Policy and Unemployment," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 10, pages 487-546, Elsevier.
  28. Den Haan, Wouter & Rendahl, Pontus & Riegler, Markus, 2015. "Unemployment (Fears) and Deflationary Spirals," CEPR Discussion Papers 10814, C.E.P.R. Discussion Papers.
  29. Andreas Georgiadis & Alan Manning, 2014. "The Volatility of Earnings: Evidence from High-Frequency Firm-Level Data," CEP Discussion Papers dp1290, Centre for Economic Performance, LSE.
  30. Shi, Jiao, 2019. "Vertical FDI and exchange rates over the business cycle: The welfare implications of openness to FDI," Journal of Development Economics, Elsevier, vol. 138(C), pages 274-293.
  31. Shuhei Takahashi, 2017. "State Dependency in Price and Wage Setting," International Journal of Central Banking, International Journal of Central Banking, vol. 13(1), pages 151-189, February.
  32. Jordi Galí & Tommaso Monacelli, 2013. "Understanding the gains from wage flexibility: The exchange rate connection," Economics Working Papers 1408, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 2016.
  33. Antonia López-Villavicencio & Sophie Saglio, 2017. "The Wage Inflation-Unemployment Curve at the Macroeconomic Level," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 79(1), pages 55-78, February.
  34. Yuriy Gorodnichenko & Michael Weber, 2016. "Are Sticky Prices Costly? Evidence from the Stock Market," American Economic Review, American Economic Association, vol. 106(1), pages 165-199, January.
  35. Theodore S. Wiles & Bart Hobijn & Mary C. Daly, 2011. "Aggregate real wages: macro fluctuations and micro drivers," Working Paper Series 2011-23, Federal Reserve Bank of San Francisco, revised 2011.
  36. Antonello D'Alessandro & Giulio Fella & Leonardo Melosi, 2019. "Fiscal Stimulus With Learning‐By‐Doing," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 60(3), pages 1413-1432, August.
  37. Emi Nakamura & Jón Steinsson, 2013. "Price Rigidity: Microeconomic Evidence and Macroeconomic Implications," Annual Review of Economics, Annual Reviews, vol. 5(1), pages 133-163, May.
  38. Hervé Le Bihan & Jérémi Montornès & Thomas Heckel, 2012. "Sticky Wages: Evidence from Quarterly Microeconomic Data," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(3), pages 1-32, July.
  39. D’Acunto, Francesco & Liu, Ryan & Pflueger, Carolin & Weber, Michael, 2018. "Flexible prices and leverage," Journal of Financial Economics, Elsevier, vol. 129(1), pages 46-68.
  40. Bart Hobijn & Mary C. Daly, 2016. "The intensive and extensive margins of real wage adjustment," Working Paper Series 2016-4, Federal Reserve Bank of San Francisco, revised 31 Mar 2016.
  41. Eijffinger, S.C.W. & Grajales Olarte, A. & Uras, R.B., 2015. "Heterogeneity in Wage Setting Behavior in a New-Keynesian Model," Discussion Paper 2015-024, Tilburg University, Center for Economic Research.
  42. Sanvi Avouyi-Dovi & Denis Fougère & Erwan Gautier, 2013. "Wage Rigidity, Collective Bargaining, and the Minimum Wage: Evidence from French Agreement Data," The Review of Economics and Statistics, MIT Press, vol. 95(4), pages 1337-1351, October.
  43. Stephanie Schmitt-Grohé & Martin Uribe, 2013. "Downward Nominal Wage Rigidity and the Case for Temporary Inflation in the Eurozone," Journal of Economic Perspectives, American Economic Association, vol. 27(3), pages 193-212, Summer.
  44. Reicher, Christopher Phillip, 2011. "Matching labor's share in a search and matching model," Kiel Working Papers 1733, Kiel Institute for the World Economy (IfW).
  45. Ahrens, Steffen & Snower, Dennis J., 2014. "Envy, guilt, and the Phillips curve," Journal of Economic Behavior & Organization, Elsevier, vol. 99(C), pages 69-84.
  46. Wabenga Yango, James & Nlemfu Mukoko, J.Blaise, 2015. "Markups, Trend positif d’inflation et Coûts en bien-être
    [Markups, positive inflation trend and welfare costs]
    ," MPRA Paper 71686, University Library of Munich, Germany, revised Feb 2016.
  47. Alessandro Barattieri & Susanto Basu & Peter Gottschalk, 2014. "Some Evidence on the Importance of Sticky Wages," American Economic Journal: Macroeconomics, American Economic Association, vol. 6(1), pages 70-101, January.
  48. Christopher L. House & Linda L. Tesar, 2015. "Greek Budget Realities: No Easy Options," NBER Working Papers 21688, National Bureau of Economic Research, Inc.
  49. Steffen Ahrens & Dennis Snower, 2012. "Envy, Guilt, and the Phillips Curve," CESifo Working Paper Series 3717, CESifo Group Munich.
  50. Born, Benjamin & Pfeifer, Johannes, 2014. "Policy risk and the business cycle," Journal of Monetary Economics, Elsevier, vol. 68(C), pages 68-85.
  51. Luca Fornaro, 2018. "International Debt Deleveraging," Journal of the European Economic Association, European Economic Association, vol. 16(5), pages 1394-1432.
  52. Den Haan, Wouter J. & Rendahl, Pontus & Riegler, Markus, 2018. "Unemployment (fears) and deflationary spirals," LSE Research Online Documents on Economics 84625, London School of Economics and Political Science, LSE Library.
  53. Simon Jäger & Benjamin Schoefer & Samuel Young & Josef Zweimüller, 2018. "Wages and the Value of Nonemployment," CESifo Working Paper Series 7342, CESifo Group Munich.
  54. Jósef Sigurdsson & Rannveig Sigurdardottir, 2011. "Evidence of Nominal Wage Rigidity and Wage Setting from Icelandic Microdata," Economics wp55, Department of Economics, Central bank of Iceland.
  55. Garín, Julio & Lester, Robert & Sims, Eric, 2016. "On the desirability of nominal GDP targeting," Journal of Economic Dynamics and Control, Elsevier, vol. 69(C), pages 21-44.
  56. Alberto Felettigh, 2012. "Entry dynamics as a solution to the puzzling behaviour of real marginal costs in the Ghironi-Melitz model," Temi di discussione (Economic working papers) 854, Bank of Italy, Economic Research and International Relations Area.
  57. Jordi Galí, 2014. "The Effects of a Money-Financed Fiscal Stimulus," Working Papers 786, Barcelona Graduate School of Economics.
  58. Gallen, Trevor S., 2018. "Is the labor wedge due to rigid wages? Evidence from the self-employed," Journal of Macroeconomics, Elsevier, vol. 55(C), pages 184-198.
  59. Schmitt-Grohé, Stephanie & Uribe, Martín, 2012. "The Making Of A Great Contraction With A Liquidity Trap and A Jobless Recovery," CEPR Discussion Papers 9237, C.E.P.R. Discussion Papers.
  60. Kevin x.d. Huang & Munechika Katayama & Mototsugu Shintani & Takayuki Tsuruga, 2017. "Sticky-Wage Models and Knowledge Capital: A Note," Vanderbilt University Department of Economics Working Papers 17-00006, Vanderbilt University Department of Economics.
  61. Fabio Milani & Ashish Rajrhandari, 2012. "Observed Expectations, News Shocks, and the Business Cycle," Working Papers 121305, University of California-Irvine, Department of Economics.
  62. David R Baqaee, 2014. "Asymmetric In?ation Expectations, Downward Rigidity of Wages,and Asymmetric Business Cycles," Working Paper 139681, Harvard University OpenScholar.
  63. Wouter Den Haan, 2014. "Inventories and the Role of Goods-Market Frictions for Business Cycles," Discussion Papers 1402, Centre for Macroeconomics (CFM).
  64. Supreet Kaur, 2014. "Nominal Wage Rigidity in Village Labor Markets," NBER Working Papers 20770, National Bureau of Economic Research, Inc.
  65. Fougère, Denis & Gautier, Erwan & Roux, Sébastien, 2018. "Wage floor rigidity in industry-level agreements: Evidence from France," Labour Economics, Elsevier, vol. 55(C), pages 72-97.
  66. E.Gautier & S. Roux & M. Suarez Castillo, 2019. "Do Minimum Wages Make Wages more Rigid? Evidence from French Micro Data," Documents de Travail de l'Insee - INSEE Working Papers g2019-09, Institut National de la Statistique et des Etudes Economiques.
  67. Jäger, Simon & Schoefer, Benjamin & Young, Samuel & Zweimüller, Josef, 2018. "Wages and the Value of Nonemployment," IZA Discussion Papers 11996, Institute of Labor Economics (IZA).
  68. Yicheng Wang, 2015. "Can Wage Dynamics in Long-term Employment Relationships Help Mitigate Financial Shocks?," 2015 Meeting Papers 1189, Society for Economic Dynamics.
  69. Airaudo, Marco, 2013. "Monetary policy, stock prices, and consumption externalities," Economics Letters, Elsevier, vol. 120(3), pages 537-541.
  70. Mary A. Burke & Ali K. Ozdagli, 2013. "Household inflation expectations and consumer spending: evidence from panel data," Working Papers 13-25, Federal Reserve Bank of Boston, revised 18 Dec 2013.
  71. Jeremi Montornes & Jacques-Bernard Sauner-Leroy, 2015. "Wage-setting Behavior in France: Additional Evidence from an Ad-hoc Survey," Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 1(3), pages 5-23, May.
  72. Juillard, M. & Le Bihan, H. & Millard, S., 2013. "Non-uniform wage-staggering: European evidence and monetary policy implications," Working papers 442, Banque de France.
  73. Mary C. Daly & Bart Hobijn, 2014. "Downward Nominal Wage Rigidities Bend the Phillips Curve," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(S2), pages 51-93, October.
  74. Zhang, Yahong, 2018. "Financial factors and labor market fluctuations," Economic Modelling, Elsevier, vol. 74(C), pages 24-44.
  75. Jay C. Shambaugh, 2012. "The Euro's Three Crises," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 44(1 (Spring), pages 157-231.
  76. Gorodnichenko, Yuriy & Song, Jae & Stolyarov, Dmitriy, 2013. "Macroeconomic Determinants of Retirement Timing," IZA Discussion Papers 7744, Institute of Labor Economics (IZA).
  77. Dmitriev, Mikhail & Hoddenbagh, Jonathan, 2019. "Optimal fiscal transfers in a monetary union," Journal of International Economics, Elsevier, vol. 117(C), pages 91-108.
  78. Orlando Gomes, 2017. "Heterogeneous wage setting and endogenous macro volatility," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 12(1), pages 27-57, April.
  79. Jordi Galí, 2014. "The effects of a money-financed fiscal stimulus," Economics Working Papers 1441, Department of Economics and Business, Universitat Pompeu Fabra, revised Jul 2019.
  80. Druant, Martine & Fabiani, Silvia & Kezdi, Gabor & Lamo, Ana & Martins, Fernando & Sabbatini, Roberto, 2012. "Firms' price and wage adjustment in Europe: Survey evidence on nominal stickiness," Labour Economics, Elsevier, vol. 19(5), pages 772-782.
  81. Benjamin Born & Johannes Pfeifer, 2013. "Policy Risk and the Business Cycle," CESifo Working Paper Series 4336, CESifo Group Munich.
  82. W A Jackson, 2015. "Markets and the Meaning of Flexibility," Economic Issues Journal Articles, Economic Issues, vol. 20(2), pages 45-65, September.
  83. Jordan Roulleau-Pasdeloup, 2016. "The Government Spending Multiplier in a Deep Recession," Cahiers de Recherches Economiques du Département d'économie 16.22, Université de Lausanne, Faculté des HEC, Département d’économie.
  84. Afrin, Sadia, 2017. "The role of financial shocks in business cycles with a liability side financial friction," Economic Modelling, Elsevier, vol. 64(C), pages 249-269.
  85. Gibson, Matthew & Shrader, Jeffrey, 2014. "Time Use and Productivity: The Wage Returns to Sleep," University of California at San Diego, Economics Working Paper Series qt8zp518hc, Department of Economics, UC San Diego.
  86. Claire A. Reicher, 2016. "Matching labor’s share in a search and matching model," Empirical Economics, Springer, vol. 50(4), pages 1229-1254, June.
  87. Taylor, J.B., 2016. "The Staying Power of Staggered Wage and Price Setting Models in Macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 2009-2042, Elsevier.
  88. Timothy E. Dore & Rebecca Zarutskie, 2018. "Firm Leverage, Labor Market Size, and Employee Pay," Working Papers 18-36, Center for Economic Studies, U.S. Census Bureau.
  89. Chang, Chun & Liu, Zheng & Spiegel, Mark M., 2015. "Capital controls and optimal Chinese monetary policy," Journal of Monetary Economics, Elsevier, vol. 74(C), pages 1-15.
  90. Cuciniello, Vincenzo & Lambertini, Luisa, 2016. "Optimal exchange rate flexibility with large labor unions," Journal of International Money and Finance, Elsevier, vol. 63(C), pages 112-136.
  91. Giambattista, Eric & Pennings, Steven, 2017. "When is the government transfer multiplier large?," European Economic Review, Elsevier, vol. 100(C), pages 525-543.
  92. Pinelopi K. Goldberg & Rebecca Hellerstein, 2009. "How rigid are producer prices?," Staff Reports 407, Federal Reserve Bank of New York.
  93. Lorenzo, Menna & Patrizio, Tirelli, 2018. "Risk Premiums, Nominal Rigidities and Limited Asset Market Participation," Working Papers 388, University of Milano-Bicocca, Department of Economics, revised 25 Oct 2018.
  94. Rahul Nath, 2018. "Equity Pricing New Keynesian Models with Nominal Rigidities and Investment," Economics Series Working Papers 850, University of Oxford, Department of Economics.
  95. Lei Fang & Pedro Silos, 2012. "Wages and unemployment across business cycles: a high-frequency investigation," FRB Atlanta Working Paper 2012-16, Federal Reserve Bank of Atlanta.
  96. Ascari, Guido & Phaneuf, Louis & Sims, Eric R., 2018. "On the welfare and cyclical implications of moderate trend inflation," Journal of Monetary Economics, Elsevier, vol. 99(C), pages 56-71.
  97. Hur, Joonyoung & Kim, Insu, 2017. "Inattentive agents and disagreement about economic activity," Economic Modelling, Elsevier, vol. 63(C), pages 175-190.
  98. Ambler, Steve & Guay, Alain & Phaneuf, Louis, 2012. "Endogenous business cycle propagation and the persistence problem: The role of labor-market frictions," Journal of Economic Dynamics and Control, Elsevier, vol. 36(1), pages 47-62.
  99. Ryo Jinnai, 2011. "News Shocks, Price Levels, and Monetary Policy," Global COE Hi-Stat Discussion Paper Series gd10-173, Institute of Economic Research, Hitotsubashi University.
  100. Jordi Galí, 2010. "Monetary Policy and Unemployment," Working Papers 435, Barcelona Graduate School of Economics.
  101. D. Lederman & W.F. Maloney & J. Messina, 2011. "The Fall of Wage Flexibility," World Bank Other Operational Studies 23575, The World Bank.
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  103. Tom Holden, 2012. "Medium-frequency cycles and the remarkable near trend-stationarity of output," School of Economics Discussion Papers 1412, School of Economics, University of Surrey.
  104. Toshihiko Mukoyama & Mototsugu Shintani & Kazuhiro Teramoto, 2018. "Cyclical Part-Time Employment in an Estimated New Keynesian Model with Search Frictions," Working Papers gueconwpa~18-18-04, Georgetown University, Department of Economics.
  105. Nlemfu Mukoko, Jean Blaise, 2015. "The Cyclical Behavior of the Markups in the New Keynesian Models," MPRA Paper 72478, University Library of Munich, Germany, revised May 2016.
  106. Jordi Galí, 2015. "Introduction," Introductory Chapters, in: Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework and Its Applications Second edition, volume 1, Princeton University Press.
  107. Peter Burgold, 2013. "Nominale Abwertung innerhalb einer Währungsunion," Global Financial Markets Working Paper Series 47-2013, Friedrich-Schiller-University Jena.
  108. Crucini, Mario J. & Shintani, Mototsugu & Tsuruga, Takayuki, 2014. "Real exchange rate dynamics in sticky wage models," Economics Letters, Elsevier, vol. 123(2), pages 160-163.
  109. Champagne, Julien & Kurmann, André, 2013. "The great increase in relative wage volatility in the United States," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 166-183.
  110. Maria, Ferrara & Patrizio, Tirelli, 2019. "Disinflation, Inequality and Welfare in a TANK Model," Working Papers 402, University of Milano-Bicocca, Department of Economics, revised Feb 2019.
  111. Timothy E Dore & Rebecca Zarutskie, 2017. "Firm Leverage, Labor Market Size, and Employee Pay," Finance and Economics Discussion Series 2017-078, Board of Governors of the Federal Reserve System (U.S.).
  112. Nicole Bosch & Maja Micevska Scharf, 2015. "Earnings responses to discontinuities in social security contributions: Evidence from Dutch administrative data," CPB Discussion Paper 311, CPB Netherlands Bureau for Economic Policy Analysis.
  113. Juárez González Laura & Casarín de la Cabada Daniel, 2016. "Downward Wage Rigidities in the Mexican Labor Market 1996-2011," Working Papers 2016-23, Banco de México.
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