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Essays on nominal wage rigidity and ...

Janko, Zuzana.

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Essays on nominal wage rigidity and the business cycle.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on nominal wage rigidity and the business cycle./
Author:	Janko, Zuzana.
Description:	96 p.
Notes:	Source: Dissertation Abstracts International, Volume: 64-07, Section: A, page: 2604.
Contained By:	Dissertation Abstracts International64-07A.
Subject:	Economics, Theory. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3096770

Essays on nominal wage rigidity and the business cycle.
Janko, Zuzana.

Essays on nominal wage rigidity and the business cycle. - 96 p.

Source: Dissertation Abstracts International, Volume: 64-07, Section: A, page: 2604.

Thesis (Ph.D.)--University of California, Riverside, 2003.

This dissertation explores the business cycle effects of nominal wage rigidities within a one-sector real business cycle model with money. The objective is to match the business cycle properties of real as well as nominal variables in the post-war US economy. The first essay starts by introducing nominal wage rigidity in the form of synchronized contracts into our benchmark model. Specifically, we explore two different contract structures, and compare and contrast their business cycle effects. It turns out that the resulting cyclical properties differ only slightly across contracts. Irrespective of the contract type, we find that nominal wage contracts create unrealistically high volatilities in some key macroeconomic variables, such as hours and output, and lead to a counterfactual negative correlation between output and productivity. The second essay incorporates labor adjustment costs into a one-sector real business cycle model with nominal wage contracts. In this case, firms incur costs whenever they adjust employment across periods, thus have an incentive not to change labor hours frequently. This feature results in volatilities in hours and output that are in accordance with the US data. Moreover, we find that the correlation between output and productivity is positive. The third essay considers an imperfectly competitive labor market in which each household is a monopolistic supplier of a differentiated labor input, and chooses an individual future nominal wage as part of its optimization problem. We compare the business cycle effects of this kind of nominal wage rigidity with that analyzed in the first two essays, where nominal wages are set exogenously via a contract rule. Although both formulations produce almost identical qualitative and quantitative results, the specification with an imperfectly competitive labor market is more appropriate to examine the effects of nominal wage rigidity. Overall, this dissertation shows that nominal wage rigidities as well as labor adjustment costs play an important role in accounting for the business cycle properties of real as well as nominal variables in the post-war US economy.Subjects--Topical Terms:

1017575
Economics, Theory.

Essays on nominal wage rigidity and the business cycle.
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100 1 $a Janko, Zuzana. $3 1944032
245 1 0 $a Essays on nominal wage rigidity and the business cycle.
300 $a 96 p.
500 $a Source: Dissertation Abstracts International, Volume: 64-07, Section: A, page: 2604.
500 $a Chair: Jang-Ting Guo.
502 $a Thesis (Ph.D.)--University of California, Riverside, 2003.
520 $a This dissertation explores the business cycle effects of nominal wage rigidities within a one-sector real business cycle model with money. The objective is to match the business cycle properties of real as well as nominal variables in the post-war US economy. The first essay starts by introducing nominal wage rigidity in the form of synchronized contracts into our benchmark model. Specifically, we explore two different contract structures, and compare and contrast their business cycle effects. It turns out that the resulting cyclical properties differ only slightly across contracts. Irrespective of the contract type, we find that nominal wage contracts create unrealistically high volatilities in some key macroeconomic variables, such as hours and output, and lead to a counterfactual negative correlation between output and productivity. The second essay incorporates labor adjustment costs into a one-sector real business cycle model with nominal wage contracts. In this case, firms incur costs whenever they adjust employment across periods, thus have an incentive not to change labor hours frequently. This feature results in volatilities in hours and output that are in accordance with the US data. Moreover, we find that the correlation between output and productivity is positive. The third essay considers an imperfectly competitive labor market in which each household is a monopolistic supplier of a differentiated labor input, and chooses an individual future nominal wage as part of its optimization problem. We compare the business cycle effects of this kind of nominal wage rigidity with that analyzed in the first two essays, where nominal wages are set exogenously via a contract rule. Although both formulations produce almost identical qualitative and quantitative results, the specification with an imperfectly competitive labor market is more appropriate to examine the effects of nominal wage rigidity. Overall, this dissertation shows that nominal wage rigidities as well as labor adjustment costs play an important role in accounting for the business cycle properties of real as well as nominal variables in the post-war US economy.
590 $a School code: 0032.
650 4 $a Economics, Theory. $3 1017575
650 4 $a Economics, Labor. $3 1019135
690 $a 0511
690 $a 0510
710 2 0 $a University of California, Riverside. $3 791122
773 0 $t Dissertation Abstracts International $g 64-07A.
790 1 0 $a Guo, Jang-Ting, $e advisor
790 $a 0032
791 $a Ph.D.
792 $a 2003
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3096770