중남미
연구정보
[경제] The Relationship Between Nominal Wage and Price Flexibility: New Evidence
멕시코 국외연구자료 연구보고서 - Bank of Mexico 발간일 : 2020-12-17 등록일 : 2021-04-14 원문링크
The frequencies at which prices and wages are adjusted, interpreted as price and wage flexibility, are key elements in workhorse models used for policy analysis. Yet, there is little evidence regarding the relationship between these two sources of nominal rigidities. Using two large and highly disaggregated price and wage microdata sets, this paper provides evidence that the industries changing more frequently wages reset prices more often. Once the frequency of wage adjustments is accounted for, the share of labor costs becomes less relevant in explaining the frequency of price changes, calling for a reinterpretation on previous findings that the labor share is a robust determinant of the frequency of price adjustments. The results in this study have implications for New Keynesian models' microfoundations, as their predictions have proven to be sensitive to the nominal rigidities assumptions.
본 페이지에 등재된 자료는 운영기관(KIEP) 및 EMERiCs의 공식적인 입장을 대변하고 있지 않습니다.
| 이전글 | [경제] Should monetary policy lean against the wind in a small-open economy? Revis... | 2021-04-14 |
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| 다음글 | [경제] Increasing the Cost of Informal Workers: Evidence from Mexico | 2021-04-14 |
