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dc.contributor.author Billi, Roberto M.
dc.contributor.author Galí, Jordi, 1961-
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned 2020-05-25T09:27:10Z
dc.date.available 2020-05-25T09:27:10Z
dc.date.issued 2018-12-01
dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1625
dc.identifier.citation
dc.identifier.uri http://hdl.handle.net/10230/44797
dc.description.abstract We analyze the welfare impact of greater wage flexibility while taking into account explicitly the existence of the zero lower bound (ZLB) constraint on the nominal interest rate. We show that the ZLB constraint generally amplifies the adverse effects of greater wage flexibility on welfare when the central bank follows a conventional Taylor rule. When demand shocks are the driving force, the presence of the ZLB implies that an increase in wage áexibility reduces welfare even under the optimal monetary policy with commitment.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 1625
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title Gains from wage flexibility and the zero lower bound
dc.title.alternative
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2020-05-25T09:25:44Z
dc.subject.keyword labor market
dc.subject.keyword flexibility
dc.subject.keyword nominal rigidities
dc.subject.keyword optimal monetary policy with commitment
dc.subject.keyword taylor rule
dc.subject.keyword zlb
dc.subject.keyword Macroeconomics and International Economics
dc.rights.accessRights info:eu-repo/semantics/openAccess

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