المستودع الأكاديمي جامعة المدينة

Monetary persistence, imperfect competition, and staggering complementarities

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dc.creator Merkl, Christian
dc.creator Snower, Dennis J.
dc.date 2005
dc.date.accessioned 2013-10-16T06:20:34Z
dc.date.available 2013-10-16T06:20:34Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/3675
dc.identifier ppn:497690160
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/3675
dc.description This paper explores the influence of wage and price staggering on monetary persistence. First, our analysis indicates that the degree of monetary persistence generated by wage vis-à-vis price staggering depends on the relative competitiveness of the labor and product markets. We show that the conventional wisdom that wage staggering can generate more persistence than price staggering does not necessarily hold. Second, this paper discusses weaknesses of the contract multiplier, which is generally used to compare persistence, and proposes the measure quantitative persistence. Third, we show that, for plausible parameter values, wage and price staggering are highly complementary in generating monetary persistence. Thus beyond understanding how they work in isolation, it is important to explore their interactions.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1257
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E40
dc.subject E52
dc.subject E50
dc.subject ddc:330
dc.subject Monetary Persistence
dc.subject Price Staggering
dc.subject Wage Staggering
dc.subject Monetary Policy
dc.subject Geldpolitik
dc.subject Schock
dc.subject Hysteresis
dc.subject Lohnrigidität
dc.subject Preisrigidität
dc.subject Unvollkommener Wettbewerb
dc.subject Theorie
dc.title Monetary persistence, imperfect competition, and staggering complementarities
dc.type doc-type:workingPaper


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