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• W2313638045 abstract "The study of business cycles has been at the heart of macroeconomic theory for decades. Theoretical efforts have focused on providing an adequate explanation for sources of economic fluctuations. New Keynesian explanations have emphasized rigidity that interferes with market forces, increasing the effect of demand shocks on the output produced. The form of rigidity is in sharp contrast between sticky-wage and sticky-price models. The former imposes rigidity on the shortrun adjustment of wages to demand shocks [20; 47]. The latter, in contrast, imposes rigidity on the short-run price adjustment to demand shocks [2; 34; 40; 9; 43; 4]. The theoretical plausibility of competing explanations of business cycles has stimulated interest to establish their empirical validity. [32; 28; 1; 8; 11; 23; 21; 26]. These efforts have focused attention on cyclical fluctuations of the real wage in response to demand shocks. The real wage may move procyclically or countercyclically according to the relative adjustment of wages and prices. The interest in studying the cyclical behavior of the real wage relates to its implications to the real effects of aggregate demand shocks. In the context of sticky-wage models, nominal wage rigidity reinforces the countercyclical response of the real wage to demand shocks and the real effect of these shocks on output growth. Sticky-price models, in contrast, advocate that price rigidity increases the procyclical response of the real wage to demand shocks and their real effect on output growth.' The results of earlier investigations of the cyclical behavior of the real wage appear conflicting and, therefore, do not lend support to a given explanation.2 The present investigation seeks to contribute to this literature. Unlike previous empirical research on the subject, the objective of this investigation is to study the cyclical behavior of the real wage and the relative flexibility of the nominal wage and the price level that determines this behavior in response to demand shocks. Using data for the United States in the preand post-World War II sample periods, the cyclical" @default.
• W2313638045 created "2016-06-24" @default.
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• W2313638045 date "1996-10-01" @default.
• W2313638045 modified "2023-09-24" @default.
• W2313638045 title "Sticky Wage or Sticky Price? Analysis of the Cyclical Behavior of the Real Wage" @default.
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• W2313638045 doi "https://doi.org/10.2307/1061179" @default.
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