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- W1605291227 abstract "The existence of wage and price rigidities is widely recognised as a crucial issue for macroeconomics and notably for monetary policy design. On the theoretical front, recent literature – of which Erceg et al. (2000), Christiano et al. (2005), Levin et al. (2005) and Blanchard and Gali (2007) are notable examples – has re-affirmed the importance of price and wage rigidities for the reaction of the economy to shocks. On the empirical front, there is now a large bulk of evidence on the existence of price rigidities at the firm level. Studies documenting this kind of nominal rigidities include, among many others, Bils and Klenow (2004), Klenow and Kryvtsov (2008) and Nakamura and Steinson (2008) who study consumer prices in the United States and Dhyne et al. (2006), Fabiani et al. (2006) and Vermeulen et al. (2007) who give a synthesis of studies carried out for the euro area countries. The evidence for nominal wages is not as extensive as for prices, but recently Druant et al. (2009) documented the existence of significant wage rigidities for the euro area countries." @default.
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- W1605291227 date "2009-01-01" @default.
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- W1605291227 title "WAGE AND PRICE DYNAMICS IN THE UNITED STATES AND THE EURO AREA" @default.
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