Matches in SemOpenAlex for { <https://semopenalex.org/work/W2105648363> ?p ?o ?g. }
- W2105648363 abstract "Growth of wages, unemployment, employment and vacancies exhibit strong asymmetries between expansionary and contractionary phases. This is also very apparent during the crisis of 2008-2010 for European countries and the US. In this paper we analyze to what degree downward wage rigidities in the bargaining process affect other variables of the economy. We introduce asymmetric adjustment costs in a New-Keynesian DSGE model with search and matching frictions in the labor market. We find that the presence of downward wage rigidities strongly improves the fit of the model to asymmetry measures, such as the skewness and the relative length of expansionary and contractionary phases. Due to the asymmetry wages increase more easily in expansions, limiting vacancy posting and dampening employment creation. The strongly increased labour costs transmit faster to inflation. Instead, during contractions nominal wages decrease slowly, shifting the main burden of adjustment to employment and hours worked, and part of the adjustment on prices. The introduced asymmetry helps to explain the asymmetric business cycle of many OECD countries where long and smooth expansions with low growth rates are followed by sharp but short recessions with large negative growth rates." @default.
- W2105648363 created "2016-06-24" @default.
- W2105648363 creator A5020827921 @default.
- W2105648363 creator A5088243652 @default.
- W2105648363 date "2011-03-18" @default.
- W2105648363 modified "2023-09-24" @default.
- W2105648363 title "Macroeconomic implications of downward wage rigidities" @default.
- W2105648363 cites W145996520 @default.
- W2105648363 cites W1480120666 @default.
- W2105648363 cites W1493734964 @default.
- W2105648363 cites W1533120630 @default.
- W2105648363 cites W1542505976 @default.
- W2105648363 cites W1546047087 @default.
- W2105648363 cites W1549262922 @default.
- W2105648363 cites W1551672129 @default.
- W2105648363 cites W1587041304 @default.
- W2105648363 cites W1603807630 @default.
- W2105648363 cites W1976140283 @default.
- W2105648363 cites W1978733388 @default.
- W2105648363 cites W1978854777 @default.
- W2105648363 cites W2013724401 @default.
- W2105648363 cites W2019241877 @default.
- W2105648363 cites W2021253785 @default.
- W2105648363 cites W2035777923 @default.
- W2105648363 cites W2043888593 @default.
- W2105648363 cites W2051133393 @default.
- W2105648363 cites W2063773487 @default.
- W2105648363 cites W2066356831 @default.
- W2105648363 cites W2080196427 @default.
- W2105648363 cites W2090273181 @default.
- W2105648363 cites W2118087012 @default.
- W2105648363 cites W2119728635 @default.
- W2105648363 cites W2125549684 @default.
- W2105648363 cites W2137873201 @default.
- W2105648363 cites W2147236817 @default.
- W2105648363 cites W2148901828 @default.
- W2105648363 cites W2151671520 @default.
- W2105648363 cites W2153189317 @default.
- W2105648363 cites W2256954462 @default.
- W2105648363 cites W2747416088 @default.
- W2105648363 cites W2801814644 @default.
- W2105648363 cites W2889647355 @default.
- W2105648363 cites W2891137952 @default.
- W2105648363 cites W3021410747 @default.
- W2105648363 cites W3121343633 @default.
- W2105648363 cites W3121408141 @default.
- W2105648363 cites W3121528335 @default.
- W2105648363 cites W3121608115 @default.
- W2105648363 cites W3121732256 @default.
- W2105648363 cites W3122137550 @default.
- W2105648363 cites W3122447448 @default.
- W2105648363 cites W3122564289 @default.
- W2105648363 cites W3123970111 @default.
- W2105648363 cites W3124765495 @default.
- W2105648363 cites W3124938242 @default.
- W2105648363 cites W3125135614 @default.
- W2105648363 cites W3125420330 @default.
- W2105648363 cites W3125907663 @default.
- W2105648363 cites W3126084767 @default.
- W2105648363 hasPublicationYear "2011" @default.
- W2105648363 type Work @default.
- W2105648363 sameAs 2105648363 @default.
- W2105648363 citedByCount "0" @default.
- W2105648363 crossrefType "posted-content" @default.
- W2105648363 hasAuthorship W2105648363A5020827921 @default.
- W2105648363 hasAuthorship W2105648363A5088243652 @default.
- W2105648363 hasConcept C105795698 @default.
- W2105648363 hasConcept C10688316 @default.
- W2105648363 hasConcept C121332964 @default.
- W2105648363 hasConcept C126285488 @default.
- W2105648363 hasConcept C127413603 @default.
- W2105648363 hasConcept C139719470 @default.
- W2105648363 hasConcept C145236788 @default.
- W2105648363 hasConcept C162324750 @default.
- W2105648363 hasConcept C165064840 @default.
- W2105648363 hasConcept C165556158 @default.
- W2105648363 hasConcept C188198153 @default.
- W2105648363 hasConcept C195742910 @default.
- W2105648363 hasConcept C200941418 @default.
- W2105648363 hasConcept C2777388388 @default.
- W2105648363 hasConcept C2778126366 @default.
- W2105648363 hasConcept C33332235 @default.
- W2105648363 hasConcept C33923547 @default.
- W2105648363 hasConcept C38976095 @default.
- W2105648363 hasConcept C556758197 @default.
- W2105648363 hasConcept C62520636 @default.
- W2105648363 hasConcept C78519656 @default.
- W2105648363 hasConcept C83873408 @default.
- W2105648363 hasConceptScore W2105648363C105795698 @default.
- W2105648363 hasConceptScore W2105648363C10688316 @default.
- W2105648363 hasConceptScore W2105648363C121332964 @default.
- W2105648363 hasConceptScore W2105648363C126285488 @default.
- W2105648363 hasConceptScore W2105648363C127413603 @default.
- W2105648363 hasConceptScore W2105648363C139719470 @default.
- W2105648363 hasConceptScore W2105648363C145236788 @default.
- W2105648363 hasConceptScore W2105648363C162324750 @default.
- W2105648363 hasConceptScore W2105648363C165064840 @default.
- W2105648363 hasConceptScore W2105648363C165556158 @default.
- W2105648363 hasConceptScore W2105648363C188198153 @default.
- W2105648363 hasConceptScore W2105648363C195742910 @default.