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首页> 外文期刊>Journal of Economic Dynamics and Control >The New Keynesian Phillips Curve and staggered price and wage determination in a model with firm-specific labor
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The New Keynesian Phillips Curve and staggered price and wage determination in a model with firm-specific labor

机译：新凯恩斯式菲利普斯曲线和具有公司特定劳动力的模型中交错的价格和工资确定

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摘要

We develop a DSCE model with firm-specific labor where wage and price setting are subject to Calvo-type staggering. This is in general an intractable problem due to complicated intertemporal dependencies between price and wage decisions. However, the problem is significantly simplified if we, in line with empirical evidence, assume that prices can be changed whenever wages are. We show that the price- and wage-setting relationships are substantially altered by the introduction of firm-specific labor. Specifically, the inflation response is substantially dampened, whereas the wage inflation response is increased as compared to models with freely mobile labor. These distinctive features of the model with firm-specific labor are supported by empirical evidence from a structural VAR.
机译：我们开发了具有公司特定劳动力的DSCE模型，其中工资和价格设定受Calvo类型的交错影响。由于价格和工资决定之间的复杂的跨时依赖性，这通常是一个棘手的问题。但是，如果我们根据经验证据，假设只要工资有变动，价格就可以改变，那么问题就会大大简化。我们表明，通过引入公司特定的劳动力，价格和工资设定关系发生了很大的变化。具体而言，与具有自由流动劳动力的模型相比，通货膨胀响应得到了显着抑制，而工资通货膨胀响应则得到了提高。具有特定于公司的劳动力的模型的这些鲜明特征得到了结构VAR的经验证据的支持。

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