Sticky Wages and Sectoral Labor Comovement
Sticky Wages and Sectoral Labor Comovement
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DOI：
10.2139/ssrn.1118483
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发表时间：
2008-03
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中科院分区：
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作者：
商业周期的一个决定性特征是部门一级的投入与总体活动的同步。标准模型无法解释这种现象。本文发展并估计了一个可以解释这一关键规律的两部门动态一般均衡模型。我的模型包含了对经济的三种冲击：货币政策冲击、中性技术冲击和资本生产部门的具体技术冲击。估计的模型能够解释美国经济对这三种冲击的反应。利用这一模型，我认为部门变动背后的关键摩擦是名义工资的刚性。
A defining feature of business cycles is the comovement of inputs at the sectoral level with aggregate activity. Standard models cannot account for this phenomenon. This paper develops and estimates a two-sector dynamic general equilibrium model that can account for this key regularity. My model incorporates three shocks to the economy: monetary policy shocks, neutral technology shocks, and embodied technology shocks in the capital-producing sector. The estimated model is able to account for the response of the U.S. economy to all three shocks. Using this model, I argue that the key friction underlying sectoral comovement is rigidity in nominal wages.