Understanding the Gains from Wage Flexibility: The Exchange Rate Connection
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https://www.nber.org/papers/w22489
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We study the gains from increased wage flexibility using a small open economy model with staggered price and wage setting. Two results stand out: (i) the effectiveness of labor cost reductions as a means to stimulate employment is much smaller in a currency union, (ii) an increase in wage
本研究采用带有交错价格与工资设定 (staggered price and wage setting) 的小型开放经济模型 (small open economy model)，探讨工资灵活性提升所带来的收益。两项核心结论尤为突出：(i) 以劳动力成本削减 (labor cost reductions) 作为刺激就业的手段，其有效性在货币联盟 (currency union) 中大幅降低；(ii) 工资的增长
提供机构：
美国国家经济研究局
创建时间：
2016-08-01
