Sticky wages in a world of ideas

Kevin X.D. Huang, Munechika Katayama, Mototsugu Shintani*, Takayuki Tsuruga

*この研究の対応する著者

研究成果: Article査読

抄録

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.

本文言語English
ページ(範囲)1757-1781
ページ数25
ジャーナルEconomic Inquiry
60
4
DOI
出版ステータスAccepted/In press - 2022

ASJC Scopus subject areas

  • ビジネス、管理および会計(全般)
  • 経済学、計量経済学

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