Sticky wages in a world of ideas
Sticky wages in a world of ideas
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创意世界中的粘性工资
DOI：
10.1111/ecin.13090
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发表时间：
2022
期刊：
影响因子：
1.8
通讯作者：
Tsuruga Takayuki
中科院分区：
文献类型：
--
作者：
Huang Kevin X. D.;Katayama Munechika;Shintani Mototsugu;Tsuruga Takayuki
本文考察了思想生产和知识资本对货币经济周期的影响。我们构建了一个粘性工资模型，其中工人基于企业特定的知识资本生产商品，研究人员在经济范围内的知识的帮助下开发新的想法。作为经济体中数量较少的群体，当研究回报率较低时，研究人员对货币冲击的真实的影响是无关紧要的。然而，当研究的回报很高时，结果可能会被推翻。货币冲击可以产生显著的真实的影响，即使工资对于在经济中占数量主导地位的工人来说是完全灵活的。
This paper examines the implications of idea production and knowledge capital for monetary business cycles. We construct a sticky‐wage model where workers produce goods based on firm‐specific knowledge capital and researchers develop new ideas aided by economywide knowledge. As a quantitatively small group in the economy, researchers are inconsequential for the real effects of monetary shocks when the returns to research are low. However, when the returns to research are high, the result can be overturned. Monetary shocks can have significant real effects, even if wages are perfectly flexible for workers, who are quantitatively dominant in the economy.