Sticky wages in a world of ideas.
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 smal...
| Publicado en: | Economic Inquiry Vol. 60; no. 4; pp. 1757 - 1782 |
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| Autores principales: | , , , |
| Formato: | Artículo |
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Wiley-Blackwell
Oct2022
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=158916311&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 158916311 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: Y pubinfo: dt: Oct2022 vid: 60 iid: 4 pid: 480 pub: Wiley-Blackwell artinfo: ui: 158916311 10.1111/ecin.13090 ppf: 1757 ppct: 25 formats: fmt: – @attributes: type: T – @attributes: type: C – @attributes: type: P size: 886KB tig: atl: Sticky wages in a world of ideas. aug: au: Huang, Kevin X. D. Katayama, Munechika Shintani, Mototsugu Tsuruga, Takayuki affil: Department of Economics, Vanderbilt University, Nashville Tennessee,, USA Faculty of Political Science and Economics, Waseda University, Tokyo, Japan Faculty of Economics, The University of Tokyo, Tokyo, Japan Institute of Social and Economic Research, Osaka University, Osaka, Japan su: Wages Business cycles Pay for performance Monetary incentives sug: subj: Wages Business cycles Pay for performance Monetary incentives keyword: ideas knowledge capital monetary neutrality nonrivalry sticky wages ideas knowledge capital monetary neutrality nonrivalry sticky wages ab: 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. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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