Doctoral Dissertation: Testing the New Keynesian Synthesis: An Experimental Examination of Nominal Price Frictions in a Model with Endogenous Costs and Efficiency Wages

博士论文：测试新凯恩斯主义综合：内生成本和效率工资模型中名义价格摩擦的实验检验

• 批准号: 9507526
• 负责人: James Cox
• 金额: $ 1.1万
• 依托单位: University of Arizona
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 1995
• 资助国家: 美国
• 起止时间: 1995-08-01 至 1997-01-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9507526&HistoricalAwards=false
• 关键词: Doctoral; Dissertation; Testing; New; Keynesian

James Cox and Bart Wilson SBR-9507526 For the last twenty years, so-called new Keynesian macroeconomists have been trying to construct their macroeconomic theories from solid microeconomic foundations. They have proposed models in which prices and wages are sticky and monetary policy has real effects in the short run. This work has rested on the assumptions of imperfect competition, menu costs, and real rigidities. Menu costs are the cost of changing prices. A real rigidity is a failure of the firm s costs of fully adjust to an aggregate demand shock. Real rigidities are a consequence of efficiency wages. Efficiency wages are wages above the competitive equilibrium level that firms pay in order to reduce shirking by its workers. This proposal consists of two experiments designed to test the assumptions of new Keynesian macroeconomic models. The first experiment will test Mankiw s menu cost model using an experimental design in which monopoly sellers face fluctuations in nominal demand and cost. The second experiment will test an efficiency wage model using an experimental design in which p roducers face menu costs and workers can shirk. The results of these experiments will shed light on the dynamics of price and wage adjustment to demand shocks and suggest the directions in which the current theories need to be developed.

詹姆斯考克斯和巴特威尔逊SBR-9507526 在过去的二十年里，所谓的新凯恩斯主义宏观经济学家一直试图从坚实的微观经济学基础上构建他们的宏观经济理论。 他们提出了价格和工资具有粘性且货币政策在短期内具有真实的影响的模型。 这项工作是建立在不完全竞争、菜单成本和真实的刚性的假设之上的。 菜单成本是价格变动的成本。 一个真实的刚性是一个失败的公司的成本充分调整总需求冲击。真实的刚性是效率工资的结果。 效率工资是企业为了减少工人的偷懒而支付的高于竞争均衡水平的工资。 这一提议包括两个实验，旨在检验新凯恩斯主义宏观经济模型的假设。 第一个实验将测试曼昆的菜单成本模型使用的实验设计中，垄断销售商面临的名义需求和成本的波动。 第二个实验将使用一个实验设计来测试效率工资模型，在这个实验设计中，生产者面临菜单成本，工人可以逃避。 这些实验的结果将揭示价格和工资调整对需求冲击的动态变化，并指出当前理论需要发展的方向。