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Wage Contracts, Capital Mobility, and Macroeconomic Policy
By:Pierre-Richard Agénor
Published on 1995-01-01 by International Monetary Fund
This paper examines the long-run effects of macroeconomic policy shocks on the behavior of output, inflation, real wages and the real exchange rate in a small open economy. The analysis is based on a two-sector, three-good optimizing model with imperfect capital mobility, nominal wage contracts with backward- or forward-looking price expectations, and endogenous mark-up pricing in the nontraded goods sector. The effects of a cut in government spending on nontraded goods are shown to be independent of the expectational mechanism embedded in wage contracts. A reduction in the nominal devaluation rate lowers steady-state output in the tradable sector under backward-looking contracts, but exerts an expansionary effect under forward-looking contracts.
This Book was ranked at 38 by Google Books for keyword Nominal rigidity.
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Book which was published by International Monetary Fund since 1995-01-01 have ISBNs, ISBN 13 Code is 9781455262557 and ISBN 10 Code is 1455262552
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